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Do you pay taxes on cash value of life insurance 2024?

Oliver Smith | 2023-05-07 12:07:39 | page views：1990
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Oliver Evans

Works at SpaceX, Lives in Los Angeles. Graduated from California Institute of Technology (Caltech) with a degree in Aerospace Engineering.
If you withdraw cash from a cash value life insurance policy, the amount of withdrawals up to your basis in the policy will be tax free. Generally, your basis is the amount of premiums you have paid into the policy less any dividends or withdrawals you have previously taken.
2023-05-12 12:07:39
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Samuel Rivera

QuesHub.com delivers expert answers and knowledge to you.
If you withdraw cash from a cash value life insurance policy, the amount of withdrawals up to your basis in the policy will be tax free. Generally, your basis is the amount of premiums you have paid into the policy less any dividends or withdrawals you have previously taken.
Is life insurance taxable? | Ameriprise Financial
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