Generally, lawsuit settlements are not taxable, at least for the most part. Punitive damages are the primary exception to this rule. Compensatory damages are not taxable because, well, they’re compensation for economic or noneconomic losses. The IRS usually taxes income, but not assets or compensation. This rule usually applies in civil claims, workers’ compensation claims,…
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What Happens If You Have No Insurance But The Other Driver Was at Fault?
Responsibility for a crash still matters if you have no insurance but the other driver was at fault. If the other driver was liable for the wreck, you’re most likely still eligible for compensation. Regardless of who caused the crash, emergency responders might still cite you for FMFR (failure to maintain financial responsibility). Some jurisdictions…
Does A Boating DUI Affect Your Driver’s License?
Does a boating DUI affect your driver’s license? According to the Coast Guard, boating DUI is a severe offense and the biggest cause of fatal boating accidents in the United States. Although it can cause severe fines and prison time, boating DUI does not affect your driver’s license directly in most states. It won’t appear…
Is a DUI a Felony or a Misdemeanor?
Driving under the influence (DUI) is a dangerous crime that can result in serious consequences. But, is a DUI a felony or a misdemeanor? This question has a complex answer as it depends largely on the circumstances of each case. Understanding DUI Charges A DUI can be classified as either a misdemeanor or a felony:…
How Long Does a DUI Stay on Your Record?
Understanding the Duration of a DUI on Your Record If you’ve been charged with a DUI (Driving Under the Influence), you might be asking yourself the question: “How long does a DUI stay on your record?” The duration varies by state, but it’s crucial to know because a DUI can impact employment, insurance rates, and…