I was in a bad car wreck last year and it’s about to be settled. The amount that they are saying I will get is $50,000. The total amount of medical bills I paid was $33,440 and the lawyer is charging 25% for fees so he’ll be taking $12,500 off the top.
Will I have to pay taxes on the money that I receive from the lawsuit if it is being awarded to me for the physical damages I had and for the medical bills I had to pay?
