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Do you have to pay taxes when you receive money from a life insurance claim?
Wiki User
∙ 16y ago
If you are an individual who receives the life insurance proceeds, you may not have to pay any federal income taxes on the benefits. If the life insurance policy names a trust as beneficiary, the trust may be subject to estate taxes.
Wiki User
∙ 16y ago
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Do you have to claim alimony in federal taxes?
Yes. Basically, any money you receive for any reason should be reported somewhere on your taxes.
Do you pay taxes on house insurance claim?
income taxes ? no insurance payments are exempt
Do you get more money in your paycheck if you claim 99 on exemptions?
Yes, if you have a higher number of exemptions, you will receive more money in your paycheck. You will have to pay more money for taxes at the beginning of the year.
Can a person claim exempt of federal taxes for only one paycheck?
If you earn income or make money, you are required to pay federal taxes. It does not matter how many paychecks you receive.
Can you claim plumbing repair expenses on your taxes on a rental property?
Yes. You claim income that you receive in addition to expenses like repairs, insurance, property taxes, depreciation, etc. This is the case with me assuming that you are the owner of property that you rent to others and not rental property where you are the tenant.
Do you have to pay taxes on a cancer insurance claim?
In the USA you do not pay taxes on the Proceeds from an Insurance Claim.
Do you have to pay taxes when receive money from homeowner insurance?
Yes it is possible that you could have some taxable income when you receive a reimbursement from your homeowner insurance policy.
Can you claim insurance on your taxes?
No.
Do you have to claim alimony in federal taxes?
Yes. Basically, any money you receive for any reason should be reported somewhere on your taxes.
Can you claim renters insurance on your taxes?
No.
Do you pay taxes on house insurance claim?
income taxes ? no insurance payments are exempt
Do you pay taxes on money collected from a household insurance claim?
No, Hazard Loss compensation is not considered taxable income.
If your insurance pays for a roof can you claim it on your taxes?
No.
Do you pay taxes on the settlement of an insurance claim?
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.
Do you get more money in your paycheck if you claim 99 on exemptions?
Yes, if you have a higher number of exemptions, you will receive more money in your paycheck. You will have to pay more money for taxes at the beginning of the year.
Can a person claim exempt of federal taxes for only one paycheck?
If you earn income or make money, you are required to pay federal taxes. It does not matter how many paychecks you receive.
Can you claim plumbing repair expenses on your taxes on a rental property?
Yes. You claim income that you receive in addition to expenses like repairs, insurance, property taxes, depreciation, etc. This is the case with me assuming that you are the owner of property that you rent to others and not rental property where you are the tenant.
