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Own the policy that was life insurance on my father who just

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passed. Income taxes due...
Own the policy that was life insurance on my father who just passed. Income taxes due by me as the beneficiary? State is Mississippi
Submitted: 7 years ago.Category: Tax
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Answered in 2 minutes by:
5/1/2010
Tax Professional: Merlo, Accountant replied 7 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello JA Customer,

 

The life insurance benefits are not taxable to you at the federal level or in the state of MS. You do not even need to report receiving this money anywhere on your tax return.

 

Even if you were not the owner of the policy this would still be the case. The only difference would have been if your father was the policy owner then the proceeds would would be included in valuing his estate, but if you are the owner then even that does not apply.

 

If this was helpful please press the Accept button. Positive feedback is also appreciated.

 

Thank you JA Customer

 

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Verified
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