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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7152
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I surrendered my daughter's life insurance on 01/06/15.

Customer Question

I surrendered my daughter's life insurance on 01/06/15. Gross surrender value was 32,789.67. Minus my loan debt 24,417.94, so I received the cash 8,371.73. The total premium I had paid was 12,305.52. I assume 32,789.67 - 12,305.52 = 20,484.15 is
the taxable amount for this year income. My question is: am I correct? If not, please tell me the right answer. Thank you very much for your help. Sincerely, Suki ***
Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.

Yes. You are correct.

Expert:  Stephen G. replied 1 year ago.

Do you have any follow-up questions?

If not, please remember to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.