No. Loans are never income
If you take a loan against the policy, the amount you receive is not considered taxable. However, if you later surrender (cash-in) the policy, the amount you received in the loan and in the surrender will then be considered taxable income.
Death benefits are not taxable for income tax purposes.
No, you do not have to pay taxes on a personal loan because it is not considered taxable income.
No. It is a loan, not income.
Home equity loans are generally not taxable, as the money borrowed is considered a loan and not income. However, there are certain circumstances where the interest on a home equity loan may be tax deductible.
If you take a loan against the policy, the amount you receive is not considered taxable. However, if you later surrender (cash-in) the policy, the amount you received in the loan and in the surrender will then be considered taxable income.
yes
None of of the borrowed money would be taxable income to you when you receive it.
Death benefits are not taxable for income tax purposes.
A loan from a family member is considered taxable income. The borrower can deduct a certain amount of the interest paid. The lender will have to pay taxes on any interest earned.
Loan proceeds are not taxable, if your parents loaned you money and then decided to forgive the debt that wouldn't be taxable either (it's a gift). If you are paying your parents interest on the loan that interest is taxable income to your parents.
No, you do not have to pay taxes on a personal loan because it is not considered taxable income.
A tsp loan is not taxable income unless: 1 you default on the loan, 2 you miss a payment, 3 you retire or leave the federal service before the balance is paid off. In any of the scenarios above it is only the unpaid balance that is taxable.
No. It is a loan, not income.
Basically, to the degree that you paid for the premium of the policy, that income is not taxable. If it was all paid for by your employer, as virtually all public programs are, then the payment is taxable.
If you are the beneficiary of a life insurance payout, the income is not taxable. If you withdraw from a policy that you have on yourself, then yes, it is taxable as regular income. http://taxresolutionaries.blogspot.com
Loans are never taxable...I'm not sure what you mean by a loan refund though!