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If you win a lawsuit and have to reimburse the insurance company for medical expenses can you deduct those medical expenses?
Wiki User
∙ 11y ago
You should be able to claim the medical expenses against your income tax, but there are limitations. You may have to claim them for the year that they were incurred. Which may mean you have to re-file taxes for that year. And Medical deductions are subject to a percentage offset. Consult your attorney, who should tell you when you get your award, or consult a tax expert. I gather what happened is you had medical expenses that were originally paid by (say your) insurance company. And instead of subrogation, you continued the lawsuit and won. The money you won had to be returned to the insurance company that already paid you for it (recovered). It is all going to offset - you can't deduct the medical expense unless you claim the income from the insurance company paying you for the lawsuit. But, the easiest handling would be just like any other covered medical expense...your insurance deductible and such costs are income tax expenses if they are above the minimums (unlikely).
Wiki User
∙ 11y ago
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Where do you list pending law suits in financial statement?
A pending lawsuit would not affect the financial statements. However, if the company is paying extra for lawyer fees and other expenses related to the lawsuit, then these expenses would be recorded in expenses. The lawsuit would only affect the financial statements if a settlement is made and the company has to pay, another expense.
Can a lawsuit make the work comp insurance pay more or do more than the Texas law has decreed?
Not unless the lawsuit points out purposefull neglect on behalf of the insurance or company.
Will an insurance company defend an additional insured when the named insured is not named in the lawsuit?
YES
Do you have to reimburse health insurance for car accident medical treatment?
Usually the health insurer will record a lien, and, as, that lien will have to be paid off. The amount of the lien may be able to be negotiated downward after you receive settlement money. * If you are validly insured then it is the responsibility of the insurer to cover those costs which are covered under the existing policy. that is why you pay insurance premiums in the first place. Depending on the circumstances the insurer may try to recover monies paid for medical expenses from the person or the person's insurer who was at fault in the accident. Liens are only possible if a lawsuit is won and a judgment is awarded to the plaintiff. The exception being a Mechanic's lien which is used to recover costs for repairs or improvement of the real property in question.
What if an employer refuses to pay reimbursable expenses?
If your employer agreed to reimburse you for legitimate expenses and is refusing to, one option would be to threaten to file a civil lawsuit against them to force them to pay. However, the negative aspect to doing so is that the employer may terminate your employment unless you have a employment contract.
What are reasons that one would need to purchase business liability insurance?
Business liability insurance protects a company's assets from a lawsuit. If a business is high risk or doesn't have enough capital to cover a lawsuit, they should have business liability insurance.
What does the finance company do when a car is totaled and there is no collision insurance?
If the driver was uninsured or only had liability insurance, they would be liable to still pay the finance company back or face a lawsuit.
What if an insurance company denies my third party claim when they are at fault in car accident?
Then it's time for a lawsuit.
You were in an accident 2 years ago and the other person is suing is she suing you or the insurance company?
She is suing you and you must notify your insurance company of the lawsuit. They will pay, make an offer to settle or defend you.
What does a commercial insurance policy cover?
A commercial insurance policy covers any court and/or attorney costs, loss of income and other such expenses if a lawsuit is involved. It does not cover incidences where willful neglect is involved.
What does a public liability mean?
A public liability is a form of insurance purchased by businesses. This insurance protects a company from lawsuit in the event a consumer is harmed as a result of their actions.
Professional Indemnity Insurance?
form_title=Professional Indemnity Insurance form_header=If your company gives advice or provides services at a professional level then you need professional indemnity insurance. Protect your company today. What is your profession?=_ How long have you been in business?=_ Does your company give out professional advice?= () Yes () No Has your company ever been a party to a lawsuit?= () Yes () No
