According to the Internal Revenue Service, except for punitive damages, most wrongful death settlements and awards are not taxable. However, survival action awards are taxable to the extent they comprise lost and future wages which would have been taxed had the decedent survived. Speak with an experienced wrongful death attorney to understand the tax implications of any wrongful death lawsuit proceeds you may expect to receive.
If you lost a loved one due to the careless, reckless, or intentional actions of another, you may qualify to recover damages through a wrongful death case. Contact the experienced Philadelphia wrongful death attorneys at The Levin Firm today for a free case evaluation.