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Is there any taxes from a sister life insurance policy of twenty thousand dollars?
Wiki User
∙ 13y ago
Life insurance proceeds paid to you because of the death of the insured person are not taxable unless the policy was turned over to you for a price. This is true even if the proceeds were paid under an accident or health insurance policy or an endowment contract.
Proceeds not received in installments. If death benefits are paid to you in a lump sum or other than at regular intervals, include in your income only the benefits that are more than the amount payable to you at the time of the insured person's death. If the benefit payable at death is not specified, you include in your income the benefit payments that are more than the present value of the payments at the time of death.
For more information and details go to the IRS.gov website and use the search box for publication 525. Link is below.
Wiki User
∙ 13y ago
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Who is responsible for the insurance if a car is financed in your name but your sister is making the payments and driving it?
If the car is in your name then you are responsible for everything. If she wrecks it and is at fault, the person that she hits is going to go after you because the car is in your name. But she is the one that needs to be paying for the car insurance. call a insurance company they will help you,
Why is Sophie here?
Because she is your friend or sister which ever one if sister your parents decided to have her.
Is it legal in Georgia for a man to marry his widow's sister?
You can marry your sister in law in Georgia. The law only addresses marrying close relatives and your wife's sister would not fall into that category.
What is plies sister name?
mecroneisha
If you were left money by your mom and your sister has not paid her own debts will they be paid before she gets her money?
Your sister's debts are not part of the estate. The estate's responsibility is to pay the mother's debts and distribute the remainder. What your sister does with her share of the inheritance is up to her.
Can a sister hold a secret life insurance policy on an adult brother?
No. As there is no insurable interest between brother & sister it is not possible to take a policy on an adult brother by his sister.
Your sister got into an accident with your car and you don't have insurance she is listed under the parents insurance who pays?
Parent's policy pays
My sister may have collected on a life insurance policy that listed us both as beneficiaries what can i do?
Sue her and the life insurance company that paid her.
Brother loans sister car. they do not live in same household. sister has accident should insurance cover other vehicle?
Should who's insurance cover who's car??? The Brother who owns the car will have to file the claim with his insurance policy. Insurance follows the car, not the driver. If you didn't have the Sister listed on the policy as a driver the company can deny the claim for material misrepresentation. Then you will have to pay the claim yourself.
Your sister you own a car you have never owned a car or had insurance before so the insurance is in your sisters name because it is cheaper are you covered in case you are involved in an accident?
Unless you live with your sister and are sharing the insurance policy with your sister's car as well, you are commiting insurance fraud. If yours is the only vehicle the policy needs to be written in your name and based on your underwriting info, address, insurance history, credit history, etc. Rewrite the policy immediately. There is no sense in chancing something this important, it's better to pay an accurate rate and have your insurance work, then pay for hope.
Can a person get auto insurance on a auto if the auto is not in their name?
Answer 1: yes, my sister is borrowing my car and she her own insurance on it.Answer 2: You can always get insurance as an additional driver on another person's car insurance policy. Isn't that how children in the house are added to their parent's car insurance policy?
Does one pay income taxes on life insurance inherited from sister?
If you are the named beneficiary of your sisters life insurance policy then there is no tax. If her policy however paid into her estate and you inherited the funds, then it would be taxable.
If a brother and sister are living at the same address in Massachusetts is his car covered by his collision insurance if she drives it?
Only if he as a multiple driver policy. If not, then no, you would not be covered in the event of an accident. He could add you to his policy- just call the insurance company with the details. Not unless she is listed as atleast an occasional operator on his insurance policy.
How much do you pay for your insurance policy?
Based on my situation, as a part time driver with my mom, dad, and sister for state farm insurance, I pay around $400 every 6 months for liability insurance.
What if a client dies and leaves a sister money from a policy and them the sister dies and leaves the money to her son if the son wanted to cash in the policy instead of the monthly checks how can the?
AnswerI don't think he's entitled to it from the Insurance Company. Call them and ask.
Your sisters car that you'd driving have insurance do you need to get non owner insurance?
You need to have your sister schedule you as an covered driver on her auto insurance policy to be covered. Non Owners Insurance will not cover you in any vehicle to which you have regular access.
Have found a policy that belonged to my sister who died 6 years ago how do you find out about it?
The best way to find out about it is to call the insurance company!
