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My daughter passed away in August. She had group term life…

Customer Question
My daughter passed away...

My daughter passed away in August. She had group term life insurance from her employer of $175000 which will be payable to her estate (no beneficiary was named). Will this money be taxed to the beneficiary when distributed to her?

Accountant's Assistant: Estate laws vary by state. What state are you in?

Florida - but she lived in New York

Accountant's Assistant: What documents or supporting evidence do you have?

Not sure what you mean

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Nothing I can think of right now.

Submitted: 10 months ago.Category: Tax
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Answered in 2 minutes by:
9/28/2017
Tax Professional: Barbara, Enrolled Agent replied 10 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,654
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Please accept my deepest sympathy on the passing of your daughter.

Cash inheritances are NOT taxable to the recipient (beneficiary) in the U.S. The beneficiary will not report nor pay tax on the cash inheritance.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 10 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to help you.

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