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Do you have to pay taxes on a life insurance policy payout 2024?

Benjamin Anderson | 2023-05-07 11:59:21 | page views：1911
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Aiden Taylor

Works at Uber, Lives in San Francisco, CA
Answer: Generally, if you receive the proceeds under a life insurance contract as a beneficiary due to the death of the insured person, the benefits are not includable in gross income and do not have to be reported: Any interest you receive is taxable and needs to be reported just like any other interest received.
2023-05-17 11:59:21
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Harper Murphy

QuesHub.com delivers expert answers and knowledge to you.
Answer: Generally, if you receive the proceeds under a life insurance contract as a beneficiary due to the death of the insured person, the benefits are not includable in gross income and do not have to be reported: Any interest you receive is taxable and needs to be reported just like any other interest received.
If I inherit part of a life insurance worth $1800.00, do I have to declare it ...
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