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Answered 2013-06-15 22:38:35

In the USA you do not pay taxes on the Proceeds from an Insurance Claim.

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income taxes ? no insurance payments are exempt


You do not generally have to pay taxes on an insurance settlement claim. You can check with your tax firm or accountant for the rules specific to your state.


No, the insurance settlement is considered compensation for a loss, not income.



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You mean a casualty insurance payout? The amount that is for the loss of property is not taxable - as long as you didn't (and don't) claim a casualty loss on it for tax. (The payment means you have no tax loss).


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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.


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If you took a deduction for the loss, then the insurance recovery is income up to that amount, otherwise no. The idea is it just restores you to where you would have been, no better, no worse.


A claim is a liability on part of the insurance company. If a customer makes a claim it means that the insurance company has to pay the customer for the amount is eligible to claim and hence it is a expenditure on the balance sheets of the insurance company.


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received life insurance from my deceased father and it wasn't probated but added to his probate estate for taxes and 9 years later they want me to pay all the taxes. is this correct



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