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My name is ***** ***** my mother who is living in China and…

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My name is *****...

My name is ***** ***** my mother who is living in China and non US citizen. she just bought life insurance, the insured person is me. I just want to know which form should file in this year I know I need file 114, 8938 and 3520, how about form 720?

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

My mother bought life insurance, she will pay the premium for three years. The insured person is me, I am US citizen my mother is a Chinese citizen and living in China

Submitted: 2 years ago.Category: Tax
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Answered in 5 minutes by:
3/3/2016
Tax Professional: R. Klein, EA, Enrolled Agent replied 2 years ago
R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 3,375
Experience: Over 20 Years experience
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Thank you for your tax question today. I will work to provide you the most accurate answer.

If I understand your question correctly, you are merely a listed beneficiary on a life insurance policy. You get nothing unless the insured person dies.

As a listed beneficiary on a foreign person's life insurance policy, you do NOT report anything to the IRS.

The current value of your account is zero, and you do not have what is considered an account in your name at this time.

I hope this clarifies your responsibilities in this situation.

Have a great day!

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Customer reply replied 2 years ago
I am the insured person, not a beneficiary. My daughter will be the beneficiary
Tax Professional: R. Klein, EA, Enrolled Agent replied 2 years ago

OK, so if I understand now, your mother bought a life insurance policy on your life for the benefit of YOUR daughter in the event of YOUR death.

What type of life insurance policy is it? Is it a CASH VALUE life policy where a portion of the premium goes to a cash-value investment? Or is a TERM LIFE policy where there is no cash value, only a death benefit?

Was the policy purchased from a US company, or a policy in CHINA?

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Category: Tax
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