Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
I have an insurance client who is 74 and has a life policy
i have an insurance client who is 74 and has a life policy owned by his profit sharing plan. His beneficiary is his wife, but he has not been recognizing any PS 58 costs. His policy has virtually no v… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,200 satisfied customers
I took loans on my life insurance policy. I never paid any
I took loans on my life insurance policy. I never paid any of the loans back. The last loan was in 1999. In 2014 the insurance company reported the entire amount of the loans with interest to the IRS … read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
394 satisfied customers
How do you calculate ps58 costs? I have death benefit less
how do you calculate ps58 costs? I have death benefit less cashvalue * cost/thousand not sure I understan the cost/thousand … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
On 1986 I got a "Modify Single Premium Variable Life Ins. Pol."
On 1986 I got a "Modify Single Premium Variable Life Ins. Pol." for my son born on 1981, for $20000 plus additional $1000 on April of 88. During 1999 and 2002 I took a loan for about $60000. Have not … read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
Lane or Robin D If one has taken a permanent life insurance
Lane or Robin D If one has taken a permanent life insurance policy from usa where one initially contributes a premium of $6k for 7 years during one's stay in usa as permanent resident and policy keeps… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
I have a whole life insurance policy with a surrender value
I have a whole life insurance policy with a surrender value of $13K. There is a loan on the policy, but that is calculated into that value. I know that the IRS taxes the surrender amount minus the pre… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I surrendered two whole life insurance policies last year for
I surrendered two whole life insurance policies last year for the cash value. The dividends of first policy were being used through loan feature to pay for the second policy. I received a check for ea… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,104 satisfied customers
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
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
what are the tax implications for surrendering a life insurance
what are the tax implications for surrendering a life insurance policy? It has a surrender value of $78,000 and i was told i would get a 1099 for $50,000… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
My wife and I are looking at purchasing long term health care
My wife and I are looking at purchasing long term health care insurance. We have cash value life policies with Northwestern Mutual Life that pay more in dividends than the annual premiums. Our NML age… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
I borrowed $ 42,000 on a life insurance policy in my name.
I borrowed $ 42,000 on a life insurance policy in my name. I would like to repay the loan with the value of the policy. Can I use capital gains to avoid paying the tax owed on this transaction.… read more
Jacy
Jacy
Bachelor's Degree
434 satisfied customers
My wife has a whole life insurance policy. It had and initial
My wife has a whole life insurance policy. It had and initial 'face value' of $50,000 We paid prermiums for a while and then decided to 'borrow' to pay the premiums. The total death benefit is $130,83… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I have an insurance policy that I have had for years & I borrowed
I have an insurance policy that I have had for years & I borrowed money against it. I no longer need the insurance. There is enough cash value to pay off the loan & roll $3100 into a retirement fund o… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I have a 23 year old life policy with an actual cash value
I have a 23 year old life policy with an actual cash value of 81,000.00. Over the years I have paid $55,600 in premiums and some $7000.00 interest on a policy loan,which I still owe $7100.00 on. What … read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
25 years ago I bought a $50,000 prepaid life insurance policy.
25 years ago I bought a $50,000 prepaid life insurance policy. A couple of years later I had to borrow against the policy. The policy now has a cash value of about $210,000 and the loan amount has gro… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I am planing to purchase a $1,000,000. life ins policy for ...
I am planing to purchase a $1,000,000. life ins policy for a keyman. I expect to retain this employee for 10 years. I expect to have this policy fully funded at the end of the period. My company will … read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
are there agencies or companies that you can go to for help ...
are there agencies or companies that you can go to for help with closing cost when buying a house?… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Are there any tax consequences if you take cash value ...
Are there any tax consequences if you take cash value loan accumulated from your life insurance policy… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x