The beneficiary received a huge amount of money from lottery.
The government will take any money they can from you so I would say that they will tax it. You can thank Obama for that.
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.
The Beneficiary - 1997 TV is rated/received certificates of: Germany:12 USA:R
it depends on the value of the property received by the beneficiary and the relationship to the deceased.
The self-employed person who received the fee is responsible for their own income taxes.
The Dresden Files - 2007 Soul Beneficiary 1-6 is rated/received certificates of: USA:TV-PG
The executor should contact the beneficiary to see if the check was ever received. If it was they should request it be cashed immediately. If not, depending on the type of check used, that executor should arrange for a replacement. It would seem that the checks were simply mailed out with no request for the beneficiary to sign any release. A signed release shows the funds were received.
Cost basis is equal to cost basis of original grantor plus any gift tax paid (the same as if the beneficiary had received the stock directly as a gift)
You can find information regarding beneficiary IRA's by visiting http://www.schwab.com/public/schwab/investment_products/retirement/inherited_iras/faq. They are inherited IRA's that are received after the IRA owner passes away.
Ironside - 1967 Grandmother's House 4-25 is rated/received certificates of: Australia:M (video rating)
Yes, when the beneficiary was changed the insured would have received paperwork. Find it or if you are a party to the policy than you can call the insurance company and ask.
My grandmother received one today - she was 99 Oct 25th 2007.
The answer depends upon the laws of the state in which the decent died. It also depends upon what the will says. Some will specifically state what happens in such a case and those wishes are to be followed. In absence of specific directions or in absence of a will state laws control. Different states might have different rules. As an example, in NJ, there are several rules dealing with this issue. First, if the deceased beneficiary is a child of a grandparent common to the decedent and the beneficiary, then the gift the deceased beneficiary would have received had he/she lived goes to the issue (children and grandchildren) of the beneficiary. It does not get distributed as part of the deceased beneficiary's estate. If the beneficiary and the decedent have no common grandparent then the gift lapses and it goes back into the estate to be distributed according to the will most likely as part of the residuary estate. I trust that that is perfectly unintelligible.
I don't believe so...although there may be some commercial subsciption system, for investigators and such, that can do it.
Death benefits are never taxable as long as you never deducted the premiums on your tax return.
The answer to the question of whether or not beneficiaries have to pay taxes on the money received from life insurance policies is: no they will not have to.
It depends on where the income comes from. If it is interest on a municipal bond, then no. If it is distributions from a traditional IRA, then yes (except for the decedent's basis in the IRA). There are many kinds of accounts or other property that you can be the beneficiary of. It depends on exactly what you received.
The Flying Nun - 1967 How to Be a Spanish Grandmother 2-12 is rated/received certificates of: Argentina:Atp Australia:G
Gwen received her powers from her Grandmother Verdona, who is an Alien being that can control life energy.
If you are the named beneficiary of their life policies you do. You can call and ask the insurance companies who the beneficiary is and they will tell you that much. I presume your question had to do with claiming the death proceeds as income. If so, the answer is NO! Life insurance proceeds are received income tax free.
that uve done something amazing and they want to award u with a letter hahaa
No, they received no government loans and the did not take bankruptcy.