Forums
New posts
Search forums
What's new
New posts
New media
New media comments
Latest activity
Classifieds
Media
New media
New comments
Search media
Log in
Register
What's New?
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Navigation
Install the app
Install
More Options
Advertise with us
Contact Us
Close Menu
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Forums
The Water Cooler
General Discussion
The Tax Man Cometh
Search titles only
By:
Reply to Thread
This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.
Message
<blockquote data-quote="TANSTAAFL" data-source="post: 3765427" data-attributes="member: 27098"><p>Actually went back and looked it up. You are correct (thank you for your persistance.) There are two way life insurance proceeds may be taxed. Estate tax (currently over 11 million as you cited.) And if the policy had a cash value in which cash had been taken out above and beyond the cost basis. So assumming one had a variable universal life policy, universal life or whole life policy and had paid 10,000 into it and withdrew 15,000 (the cash value grew beyond the original premiums.) The beneficiary would end up with a 1099.</p></blockquote><p></p>
[QUOTE="TANSTAAFL, post: 3765427, member: 27098"] Actually went back and looked it up. You are correct (thank you for your persistance.) There are two way life insurance proceeds may be taxed. Estate tax (currently over 11 million as you cited.) And if the policy had a cash value in which cash had been taken out above and beyond the cost basis. So assumming one had a variable universal life policy, universal life or whole life policy and had paid 10,000 into it and withdrew 15,000 (the cash value grew beyond the original premiums.) The beneficiary would end up with a 1099. [/QUOTE]
Insert Quotes…
Verification
Post Reply
Forums
The Water Cooler
General Discussion
The Tax Man Cometh
Search titles only
By:
Top
Bottom