Capital Gains and Losses

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Capital Gains and Losses
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My husband and I are about to and accept an insurance

settlement for $100,000. It's from...
My husband and I are about to and accept an insurance settlement for $100,000. It's from an auto policy of a driver that made a left hand turn and killed our son. What are the tax implications for this?
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Answered in 6 minutes by:
11/12/2017
levr
levr, Tax Advisor
Category: Capital Gains and Losses
Satisfied Customers: 31,280
Experience: Working for a large tax preparation service
Verified

I am deeply saddened by the loss that you and your family have encountered.

My condolences.

The life insurance proceeds paid to you because of the death of the insured person aren't taxable unless the policy was turned over to you for a price. This is true even if the proceeds were paid under an accident or health insurance policy or an endowment contract.

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There should NOT be any reporting form for that settlement and that amount will NOT be reported on your tax return.

Let me know if that answered your question.

If you need any clarification or have any concerns this matter - be sure to ask.

levr
levr, Tax Advisor
Category: Capital Gains and Losses
Satisfied Customers: 31,280
Experience: Working for a large tax preparation service
Verified
levr and 87 other Capital Gains and Losses Specialists are ready to help you
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Customer reply replied 2 months ago
Okay. Thank you.
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levr
levr
levr, Tax Advisor
Category: Capital Gains and Losses
Satisfied Customers: 31,280
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Experience: Working for a large tax preparation service

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