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i am receiving a life insurance pay off on a relative who just

passed away. what will...
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)?
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Answered in 5 minutes by:
1/3/2009
Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10,760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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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: http://www.irs.gov/faqs/faq/0,,id=199751,00.html

 

 

 

Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10,760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
Verified
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