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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
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Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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i am receiving a life insurance pay off on a relative who just

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i am receiving a life insurance pay off on a relative who just passed away. what will be my tax liability for 2009, (if any)?

Dear Monday,


Thank you for your question.


Tax insurance benefits received by benficieries as a result of the death of the insured are not taxable income.


If you received any interest as part of the payout, that interest would be taxable.


Please read more at this link:,,id=199751,00.html




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