Las Vegas, NV asked in Products Liability for Nevada

Q: Is a product liability settlement taxable in Nevada?

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2 Lawyer Answers
Jonathan Craig Reed
Jonathan Craig Reed
Answered
  • Products Liability Lawyer
  • Las Vegas, NV
  • Licensed in Nevada

A: The general rule is that the portion of the settlement to compensate for lost wages is taxable; the portion of the settlement to compensate for pain and suffering is not taxable.

Jonathan Craig Reed
Jonathan Craig Reed
Answered
  • Products Liability Lawyer
  • Las Vegas, NV
  • Licensed in Nevada

A: The general rule is that the portion of a personal injury settlement that represents lost wages or income is taxable while the portion that represents pain and suffering is not.

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