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 What are exclusions from life insurance payments?

Answer Life insurance policies will not provide benefits under certain conditions. Exclusions to coverage are listed in every life insurance contract and specifically spell out when coverage is not applic... Read More »
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Top Q&A For: What are exclusions from life insurance payments

Can you deduct your term life insurance payments from your federal taxes?

You cannot deduct your term life insurance payments from your federal income taxes. Only medical insurance payments or qualified long-term care insurance premiums care can be deducted and only unde... Read More »
http://www.answerbag.com/q_view/2223370

Are life insurance payments taxable?

The IRS does not consider life insurance payments made to a beneficiary at the time of the insured's death to be taxable income. An exception would be if the policy had been turned over to the bene... Read More »
http://www.answerbag.com/q_view/1883081

Do you have to pay taxes on life insurance payments?

Life insurance death benefit distributions are usually always received tax-free, provided the payments do not exceed the total death benefit. Usually, the only instances where taxes are due on life... Read More »
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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 »
http://www.answerbag.com/q_view/2090118


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