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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Own the policy that was life insurance on my father who just

Resolved Question:

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
Expert:  Merlo replied 7 years ago.

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



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