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Income tax question. Are there any ways that interest on an…

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income tax question....

income tax question. Are there any ways that interest on an insurance policy can be tax deductible?

Accountant's Assistant: What state are you in? It matters because laws vary by location.

Florida

Accountant's Assistant: Has anything been filed or reported?

No

Submitted: 9 months ago.Category: Tax
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Answered in 5 minutes by:
8/14/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,847
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago

When a policy pays out to the beneficiary the actual policy amount is not taxable but any interest paid is taxable. The interest is not deductible though unfortunately.

If you are talking about some other type of interest let me know but at this point I have to answer no, the interest paid by the insurance company is not deductible.

Please let me know if you need more information.
If not then scroll up to see the STARS to rate so I am credited.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago

I am still waiting to hear back from you

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Category: Tax
Satisfied Customers: 17,847
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Experience: 15years with H & R Block. Divisional leader, Instructor

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