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Lane The officer of the C-corp who is 100% owner owns life
Hello LaneThe officer of the C-corp who is 100% owner owns life insurance policy. Her husband is beneficiary. He is also employee of this C-corp. Can the premiums paid for this policy be deducted unde… read more
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How can a small business owner deduct the premiums of a cash
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I have a few questions w.r.t Foreign income related Tax issues
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R. Klein, EA
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I have a client that borrowed money against their life insurance
I have a client that borrowed money against their life insurance to purchase land 15 years ago. In 2014, he cashed out the policy and received a few thousand dollars. However, his 1099-R shows about $… read more
PDtax
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Stephen G.
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I am the 100% owner of an LLC taxed as an S-Corporation. I
I am the 100% owner of an LLC taxed as an S-Corporation. I am the only employee. I am shopping around for a term life insurance policy where the beneficiary is my girlfriend. Is there are tax deductio… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
MY WIFE AND I, AGE 78 AND 79, ARE RETIRED AND RECEIVING SOC.
MY WIFE AND I, AGE 78 AND 79, ARE RETIRED AND RECEIVING SOC. SEC., PENSIONS,INTEREST,AND DIVIDENDS, ALL OF WHICH TOTAL ABOUT $28,000-29,000 THIS YEAR. WE ALSO HAVE SUBSTANTIAL CAPITAL LONG AND SHORT T… read more
Stephen G.
Stephen G.
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I received a 1099-R from an insurance company for a whole life
I received a 1099-R from an insurance company for a whole life policy that lapsed for $100,000, the net of earnings and the cost of insurance. i also paid over $100,000 in interest on a policy loan ov… read more
Lev
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I have a complicated one. My dad had a group life insurance
I have a complicated one. My dad had a group life insurance policy that the family was unaware of with the beneficiary my mother. This policy was uncovered by MetLife 17 years after my Dad's death, an… read more
R. Klein, EA
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Hi Lev I am trying to complete a problem which involves
Hi Lev I am trying to complete a problem which involves Schedule M-1 of Form 1120 I started it but need help. I am attaching the form and the details for the problem… read more
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I was presented with a asset based loan offer today which I
I was presented with a asset based loan offer today which I can use to refiance my rental properties. The loan is structured around a whole life policy. The company rep basically said they can take ou… read more
R. Klein, EA
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My husband received a 1099-R from a life insurance for $118,117.72
My husband received a 1099-R from a life insurance for $118,117.72 because Our Life policy didn't have enough value to afford the premuim so they ran a loan up on the policy and the interest plus the … read more
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What are the tax consequences of cashing in Certificates of
What are the tax consequences of cashing in Certificates of Deposit and purchasing a life insurance policy?… read more
Bill
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I am a widow and with my husbands life insurance I purchased
I am a widow and with my husbands life insurance I purchased a annuity contract.I have lost money and have made no interest this year.If I surrender my contract I will lose 7688.00.Will I have to pay … read more
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I just moved from Florida to texas 9 months ago and ...
I just moved from Florida to texas 9 months ago and the house in florida is in its first stage of florcloser with market drop I owe more then its worth The house is only in my name and not my wife but… read more
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Are premium payments made by a Corporation to a cash value ...
Are premium payments made by a Corporation to a cash value life insurance policy (when that payment greatly exceeds the actual cost of insurance) tax deductible to the Corporation and are loan repayme… read more
RD
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I and my wife owe the IRS over a million dollars that ...
I and my wife owe the IRS over a million dollars that i can not pay. I live in Florida. I have several life insurance policies on myself. I was diagnosed with terminal cancer a year ago. I changed the… read more
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