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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.


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