are paid up insurance proceeds paid to the living person insured 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.
"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.
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.
It normally isn't a taxable event. If it needs reporting the insurance co should have sent uyou a 1099.
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.
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."
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.
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.
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).
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.
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.