0
I was the beneficiery to my moms life insurance policy do i have to claim it on my taxes?
Wiki User
∙ 13y ago
as far as im aware yes you do! a grandmother of a friend of mine sadly passed away a few years back, and left her house to my friends father. I believe he had to pay somewhere in the region of 40% inheritance tax which is ruthless!! a way around this is to have everything signed over before death (i know that this is obviously too late now), but maybe something to think about for the future... there is a time period tho, i think but im not sure that if you sign a possession over and die within 10 years then this is also taxable (but im not sure on the period of time)
I hope that this helps and im sorry for your loss
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Do you have to pay taxes when you receive money from a life insurance claim?
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.
Do you pay taxes on house insurance claim?
income taxes ? no insurance payments are exempt
If you cash in a life insurance policy do you have to pay taxes on it?
"Insurance and Taxes. No. All proceeds or withdrawals from any insurance policy are not taxable." This is not true. If you cancel a life insurance policy, the growth on the cash value IS TAXABLE. If you do not surrender your policy, the money is taken as a loan and therefore not taxable, but interest that has to be paid back to the insurance company grows.
Do I need to pay taxes on an insurance claim payment?
No, the insurance settlement is considered compensation for a loss, not income.
Do you have to pay taxes on benefits from a life insurance policy?
Proceeds from a life insurance policy to a beneficiary are usually paid free from federal income tax.
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.
Can you claim insurance on your taxes?
No.
If I am a beneficiary on a life insurance policy and owe back taxes or have filed bankruptcy will the insurance company hold the check?
No, they will pay the claim to you and then you will be able to do what is fiscally responsible.
Do you have to pay taxes when you receive money from a life insurance claim?
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.
Can you claim renters insurance on your taxes?
No.
Do you pay taxes on house insurance claim?
income taxes ? no insurance payments are exempt
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 have to pay taxes on a health insurance policy settlement?
No.
If you cash in a life insurance policy do you have to pay taxes on it?
"Insurance and Taxes. No. All proceeds or withdrawals from any insurance policy are not taxable." This is not true. If you cancel a life insurance policy, the growth on the cash value IS TAXABLE. If you do not surrender your policy, the money is taken as a loan and therefore not taxable, but interest that has to be paid back to the insurance company grows.
Do you need to file your auto insurance claim with your taxes when filing them?
Your auto insurance claim has nothing to do with filing your income taxes. You file your auto claim by notifying your agent right when the incident occurs so they can start working on the claim as fast as possible.
When are dividends taxed on life insurance?
If you are receiving dividends from a life insurance policy, do you have to pay taxes and what %
