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NO the Tax Court held that the cash values were not constructively received by the taxpayer where he could not reach them without surrendering the policy. The necessity of surrendering the policy constituted a substantial

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โˆ™ 2005-04-22 13:43:14
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Q: Is the cash value of life insurance taxable in the state of Florida?
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Related questions

Is insurance cash value paid to insured taxable?

are paid up insurance proceeds paid to the living person insured taxable

Are benefits from a whole life insurance policy taxable?

As a general rule, life insurance proceeds from any type of policy are not taxable to the beneficiary. In addition, any loans from cash value are not taxable unless the policy lapses.

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.

Whole Life Policies--Are Dividends used toincrease insurance amount taxable?

You are talking about Paid up additions. No they are not. Proceeds in cash value are not taxable as long as the cash value does not exceed the amount of premiums paid.

How do you claim the cash value of life insurance on your taxes?

It normally isn't a taxable event. If it needs reporting the insurance co should have sent uyou a 1099.

Does home insurance in Florida have to be be based on replacement value?

The Florida Department of Insurance is a great resource for consumers in that state. They are very involved in protecting homeowners from unaffordable premiums and unreliable companies. Try googling "Florida Department of Insurance" to locate their website. If you do not have regular online access you can find their toll free telephone number in the telephone book.

Are life insurance procees taxable if the employer paid the premiums?

No. Life insurance benefits are not eligable for taxation unless the insured passed away without assigning a beneficiary. In this situation the benefits are paid into the deceased's estate and are subject to any back taxes or child support owed by the deceased, or the would be inheritor. Cash value is not the same as an insurance benefit and may be taxable in some situations. Group (employment) insurance has no cash value.

Can Florida stop you from getting insurance for you domestic partner if the insurance company said it was all right?

No. Some insurance companies offer domestic partner coverage in Florida and you are free to purchase such a policy. If your employer wants to buy coverage for you and your domestic partner, then it can. The state of Florida will not stop you. It may impose income tax on the value of the domestic partner coverage as "imputed income."

Is the cash value of a life insurance policy taxable at death?

In India, cash value of a life insurance policy at death is totally tax free u/s. l0 l0(D) of Income Tax Act, l96l.

What is the dimensions of the Modis building in Florida?

The Modis building in Florida is a 365,800 square foot, 21-story building that was built in 1986. The building has a taxable value of 33.3 million dollars.

Should you have to pay income tax on an insurance settlement for theft?

No, the payment is not taxable to the degree that it just replaces the value of your loss. However, if you previously, or currently, take a tax casualty loss for those items, that amount WOULD be taxable. (The receipt of the insurance made so you did not actually have a loss).

Are life insurance proceeds taxable for the care of an individual in a nursing home?

if they are death benefit proceeds no. if it is cash value proceeds then any withdrawals over the premiums paid are taxable, any loans on the cash value are not taxable. if it is a hybrid/combo life/long term care policy, then no they are not. all of this is assuming that the policy was paid with after tax dollars, not pre tax.

Where can you buy cheap rental insurance?

You can buy reasonable rental insurance at State Farm Insurance, All State Insurance. It depends on how much contents and value you want to get insured to determined the premium.

What is the sales tax if the tax is 70cents?

I am NOT sure what your question is.I guess it varies from state to state; sales taxes are imposed only on taxable transfers of property or services. The tax is computed as the tax rate times the taxable transaction value. Rates vary by state, and by locality within a state.

Do you have to pay taxes on life insurance?

Life insurance death benefits are paid out tax-free as long as your premiums were paid with after-tax money. If you have a cash value life insurance policy and surrender the policy, you may be subject to a taxable gain if the total cash value exceeds the cost basis of the policy.

What types of car insurance can you have in Florida?

Florida, like all other state, has set minimum coverage requirements for drivers. This applies to vehicles that are not financed. If the vehicle is financed, additional coverage is required by the state and the lender to cover the value that is financed so that the lender is paid in the event the vehicle is a total loss. You can read about Florida state law regarding insurance here: The rate depends on various factors, so your best bet is to contact your current agent to explore your options.

What does taxlife mean on a pay stub?

I'm truly not exactly sure, but I think it's for life insurance. Maybe. Life insurance provided by an employer of more than 50K is considered a taxable benefit. Therefore the value of it is made into taxable income (under a complex formula) and this would be either the amount of income imputed or the tax on that income.

Does state farm insurance use the trade in value or the retail value of a car to determine the value of a car if totaled?

They use a market value guide.

Does insurance owe for 3rd party diminution of value?

it depends on the diminshed value laws of the state where the loss occurred.

If you cash in a insurance policy is the money taxable?

Any cash value beyond the total amount of premiums paid is most likely taxable at ordinary income tax rates. It also depends on ownership, beneficiary (e.g. a Trust) but for most of us the first answer is correct.

Are life insurance premiums deductible on year end taxes?

No. That's why the proceeds aren't taxed as income. Answer Correct...premiums are taxable. Death benefits are generally not taxed as income. Also if it is permanent life insurance policy and has some cash value built up and you take that cash out, the amount of cash less the premiums paid into the policy ("your gain") is taxable. Additional comment: Actually, if you take your cash value out as a loan, you do not have to pay taxes on "gains" as long as the life insurance is in place, hopefully until you die.

Who is responsible for taxes if any on life insurance payout to one beneficiary who will make payments to several relatives as specified in the decendant's unsigned will?

The life insurance payout is not taxable. There may be estate taxes though. The value of the life insurance policy might be in the estate. This can be confusing as some taxes apply and some don't. The interest earned may be income taxable, etc. If there are expenses they should be deducted and then the net amount split up.

Is cashed in paid up life insurance policy taxed?

A taxable consequence may occur if the cash surrender value exceeds the cost basis (i.e. the premiums paid into the policy).

Gift received from employer will be taxable or not?

Almost always it anything you want....something of value from your employer is taxable income. (Yes, a Thanksgiving turkey or Christmas bonus, etc is taxable).

What is Maryland state value if a car is damaged by vandalism?

The value of a damaged car by vandalism in the state of Maryland will depend on the amount of damage. A mechanic or the insurance company can give an estimate of the costs.