Do we have to pay tax for life insurance? when cashed?
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3 Responses
2.1.2010
Best Answer – Chosen by Voters The proceeds from the life insurance are not counted as income for income tax purposes as long as the death benefit is paid straight to you as the beneficiary. Source(s): My blog: http://gardenstatelifeinsurance.blogspot…
2.1.2010
No taxes on insurance money
2.1.2010
life insurance proceeds are tax exempt. that means you won't pay income tax on it.