We’re about to tell you everything you ever wanted to know and more if you were in a car accident in Tennessee. You’ll learn what you need to do after your accident and what the average settlement is for a car accident Tennessee.
How Long Do I Have To File A Lawsuit After My Car Accident?
After you’ve regained your composure after your car accident, you will want to reach out to a lawyer. In Tennessee statute of limitations is a bit different. It states that you only have 1 year from the date of your car accident to file a lawsuit for personal injury but 3 years from the date of the accident to file a lawsuit for property damages. This one year policy is the shortest in the country so we recommend you get the ball rolling as quickly as possible.
The one exception to this is if your accident involved any type of government vehicle. In this case the laws are different but you will need to file quickly in this case, often within 90 days of your accident.
Tennessee Car Accident Settlement Calculator:
Have you been involved in a motor vehicle accident or otherwise injured in Tennessee? Find out how much financial compensation you may be legally entitled to in just minutes with our free online Injury Settlement Calculator.
Tennessee Accident Settlement Taxes
When you receive a settlement for a personal injury in Tennessee, it is logical to ask if you will have to pay any taxes on it. Generally, the answer is no, but there are several exceptions that you should be aware of.
First, if you have a physical injury or illness, you do not need to pay taxes on any medical damages and pain and suffering damages you receive. This is the case at the Tennessee state and federal levels.
However, if you receive damages only for emotional trauma that is not related to any physical injury, this will be taxable at the state and federal level. Any punitive damages is also taxable at the state and federal level.
While compensation for medical bills is never taxable when connected to a physical injury, there is an exception. If you took a medical deduction in a previous tax year, this will be taxable at the federal and state level.
It also is important to know that any recovery that you have for lost wages will be taxable at the state and federal level. However, many attorneys will be careful to minimize or eliminate any part of your settlement that is for lost wages.
Always be sure to talk to a tax advisor if you have any questions about your taxes and your personal injury settlement. This is a common area of confusion and it is important to have everything clarified before you end up with a large tax bill to the government that you cannot pay.
Modified Comparative Fault Rules In Tennessee
If you’ve been hurt in an accident Tennessee, the law determining your compensation takes into account what percentage at fault you are in the accident to determine the amount you will receive in your settlement. Let’s look at an example:
Let’s assume you are in a car accident in Nashville where total damages(missed work, property damage, medical bills) add up to $100,000. The jury determines that you are 10% at fault for the accident. You would then receive $90,000, 10% less than the $100,000 based on your fault percentage.
If you have any questions that you are looking for further details, please visit Tennessee’s Department of Transportation website here.
What’s The Average Settlement For A Car Accident In Tennessee?
If you’d like to see how much your accident settlement may be worth, please fill out this form and a Tennessee car accident attorney will reach you shortly.