Asked by bgggirl  |  Submitted March 03, 2018

As a beneficiary of a life insurance policy will I have to pay taxes on the money?

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  Answers  |  2

March 05, 2018

The short answer is no. However, if you receive interest on the proceeds, the interest is taxable.

$commenter.renderDisplayableName() | 05.10.21 @ 07:54


March 06, 2018

Life insurance is not taxable for income tax purposes. However, any interest earned on the proceeds will be taxable to you.
As always, please discuss with your tax professional.

$commenter.renderDisplayableName() | 05.10.21 @ 07:54