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: Structured Settlements 4RealOhio Personal Injury Settlement: Capital Gains Tax For Car Accident?
By John Darer
Someone using the Bing Search engine has a question concerning the taxation of personal injury settlements "I'm getting a settlement for a car accident what would the Capital Gains Tax in Ohio be?"
Comments:
- The amounts you receive as compenstaion for damages related to a personal physical injury (such as what one might sustain in a car accident) are generally income tax free. There is a specific exclusion for such damages at Internal Revenue Code Section 104(a)(2).
- Capital gains are the profit realized on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property.
- A capital gains tax is a levy on capital gains.
Full post as published by Structured Settlements 4Real on June 05, 2010 (boomark / email).
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