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Is there a tax on money received from a life you?

Updated: 8/18/2019
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13y ago

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Yes.

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13y ago
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Q: Is there a tax on money received from a life you?
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Do you pay tax on money received from spouse life insurance?

Life insurance proceeds are received income tax free; how the money is taxed afterwards depends upon how and where it is invested.


Is there a tax on money received from life insurance if paid to the insured?

The only case where the insured can collect on their life insurance is with a whole life policy. In that instance any interest or dividends are taxable.


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Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.


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Money used to start a business is tax deductible. Make sure you keep records of all your business transactions. Even if you get a small business loans or a business credit card, the interest on those loans are tax deductible. These moneys are more of business capital or operating costs and not income Money received to start a business can be viewed in one of 2 ways and thus therein lies your tax liability! 1st - If money received is income than there will be a tax levied against that revenue by the IRS. 2nd - If money received is 'capitalized' by the business then there will be no tax assessed by the IRS.


If you canceled two life insurance annuities during the year - for which you received a refund of about 15000 dollars - do you pay income tax on that?

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