What would you like to do?
If you surrender a whole life insurance policy, you may have to claim the money on your income tax. The IRS states the amount you receive that is above the amount paid for… premiums is considered taxable.
If you are the beneficiary of a life insurance payout, the income is not taxable. If you withdraw from a policy that you have on yourself, then yes, it is taxable as reg…ular income. http://taxresolutionaries.blogspot.com
If you are the named beneficiary of your sisters life insurance policy then there is no tax. If her policy however paid into her estate and you inherited the funds, then… it would be taxable.
State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are ded…uctible on your state tax return in a tiny number of states.
Complete the forms that are required for whatever tax your speaking of, all have instructions, frequently in booklets and more than one. The tax is calculated on the form. … You can hire people to do this, or buy software (which is also frequently available free) that really helps walk you through it and do it.
No. Life Insurance proceeds to beneficiaries are not taxable.
Yes, and a whole lot of it. The way there income is determined is a specialized field of tax and not like most other Cos that have a tangible product.
When you are able to itemize your deductions using the schedule A of the 1040 tax form and you deduct the mortgage interest to help reduce your income taxes you have a type of… imputed income that you have received.
It depends on the state and how your insurance company is filed. Some states like KY have to pay tax depending on where you live, it is calculated as a percentage and added in…to your premium. Most states are not like this though...the only thing that is usually added is an installment fee per payment.
If lease is discounted for one time payment can that income be amortized for tax purposes over life of lease?
This will depend on your accounting method that you use. If you area cash basis business, then it is recognized when lease paymentsare received. If accrual, you could justify …amortizing the paymentbut I cannot imagine why you would want to. I am assuming you arelessor in your question and not the lessee. If you are the oneleasing the property, you cannot take a deduction for a leasepayment you did not make.
That really depends on who you ask. I would say leave enough for funeral, pay about half of your kids college, pay off your mortgagr and 2 years of your income. Your funeral s…hould be whole life, the rest shoul be term life. Adjust every 5 years as needed. Also need to find the right balance of insurance and savings. That is important.
because it is....
Life Insurance benefits are usually not subject to taxes. It is a benefit, not a gift or income.
Generally speaking, the death benefit payout of a life insurance policy is not taxable from a federal tax standpoint, and usually not taxable from most states. I suggest you c…heck with your state insurance department.