Are taxes due when you claim life insurance policies?

Answer You only need to include the insurance policy money as part of your gross income on your taxes if the amount exceeds the amount payable to you at the time of the person's death. For example, if th... Read More »

Top Q&A For: Are taxes due when you claim life insurance pol...

Can you claim life insurance payments on your taxes?

No, you cannot deduct the cost of life insurance payments on your tax return. Additionally, while businesses are able to deduct the cost of insuring an office building, they may not deduct the cost... Read More »

Are insurance policies subject to inheritance taxes?

On One Hand: Federal TaxabilityInheritance tax assesses a beneficiary's receipt of property by inheritance, pursuant to the FDIC's Trust Examination Manual. This differs from estate tax, which taxe... Read More »

Are AIG life insurance policies safe?

On One Hand: Your Policies Are Secure.Your AIG insurance polices are safe, according to the National Association of Insurance Commissioners (NAIC). The NAIC is the umbrella organization for insuran... Read More »

Are life insurance policies taxable?

On One Hand: Insurance Payouts Are Not TaxableIn general, insurance payouts are not taxable income. They are paid for with after-tax dollars and are intended to assist people and families during ti... Read More »