Life insurance proceeds (I'm assuming that's what you're referring to)are not counted for income tax purposes however they are considered part of the deceased estate and coule be subject to estate taxes.
this question has several possible answers depending on the structure of the insurance contact. who owned it, who recieved the benefit. term vs whole life, etc.
consult a CPA … just do an internet search for life insurance proceeds and you will how confusing it can be.
June 14th, 2008 at 1:31 am
yes it is supposed to be.
June 14th, 2008 at 1:31 am
Life insurance proceeds (I'm assuming that's what you're referring to)are not counted for income tax purposes however they are considered part of the deceased estate and coule be subject to estate taxes.
June 14th, 2008 at 1:31 am
this question has several possible answers depending on the structure of the insurance contact. who owned it, who recieved the benefit. term vs whole life, etc.
consult a CPA … just do an internet search for life insurance proceeds and you will how confusing it can be.
June 14th, 2008 at 1:31 am
proceeds from a life insurance policy? yes. payments to a life insurance policy, no.
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