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Is the sale of a fishing boat taxable if you reinvest the proceeds in buying another fishing boat?
Wiki User
∙ 12y ago
Provided you paid for the orginal boat with post tax dollars, and the boat was not used in a business which declared the boat as an asset of the business, there is no tax. If the boat was used in the operation of a business, and was part of the assets, you must declare the sale on your Business Taxes. Otherwise there is no taxes.
Wiki User
∙ 12y ago
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Are the proceeds of an endowment policy taxable?
Proceeds of an endowment policy is not taxable. Regardless of a person's tax rate, proceeds of an endowment policy is tax free. ?æ
Are proceeds from the sale of a second home taxable?
Not the entire proceeds, just the capital gain.
Are proceeds from a POD Bank Account taxable to the beneficiary?
is pod incme taxable to the reciever?
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yes
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Yes
When there is no beneficiary listed on a life policy do the proceeds go to the estate?
Yes. The proceeds will become part of the taxable estate.
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.
Is insurance cash value paid to insured taxable?
are paid up insurance proceeds paid to the living person insured taxable
Are refinancing proceeds in excess of costs taxable?
Never subject to income tax
Are there any options to keeping cash surrender proceeds from being currently taxable?
They are only taxable to the extent that you are getting more than you paid in.
Is life insurance considered part of a decedent's estate and are the proceeds taxable?
There are several factors to consider when determining if life insurance is part of a decedent's probate estate and whether the proceeds are taxable in the US. Taxation of estates is an extremely complex area of law. You should always consult with an attorney and tax expert for advice regarding tax issues.Generally and briefly:If the decedent owned the policy on his/her own life, the insurance proceeds will be a part of the taxable estate (gross estate). However, most estates no longer reach the threshold of taxability regarding the federal estate tax. (If the policy was owned by someone other than the decedent, the insurance proceeds will not be part of the taxableestate.)If the decedent named a beneficiary, the proceeds will be paid directly to the beneficiary, bypassing probate (but remember as stated above the proceeds are considered part of the taxable estate). The proceeds are generally not taxable to the beneficiary.If the decedent did not name a beneficiary, the proceeds will become part of the estate and as such, vulnerable to creditors. The proceeds will be distributed according to the terms of the will or by the laws of intestacy if there is no will.
Are proceeds from life insurance policy on key employees taxable?
If the policy was paid for with after-tax dollars, the proceeds would not be taxable. If the business took a tax deduction for the policy premiums as a business expense, a tax may be incurred on the death benefit.
