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Does my 86 year old father have to pay income tax on 7000 he…

Does my 86 year...

Does my 86 year old father have to pay income tax on 7000 he inherited from my mothers life insurance policy when she passed away last may

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My father is 86 on social secutity and my mother passed away in may leaving da the beneficiary on her life insurance does he need to pay taxes on that

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No social security is his only income

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Answered in 5 minutes by:
3/13/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,613
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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No, the life insurance paid to a beneficiary of the policy does not pay tax on that amount.

He is not required to file.

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

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Customer reply replied 1 month ago
no thank you that was my only question

You are most welcome.
A positive 5 star rating is appreciated so I am credited for assisting.

Any call offer is site generated, just ignore it.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,613
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Robin D.
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Satisfied Customers: 17,613
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Experience: 15years with H & R Block. Divisional leader, Instructor

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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.

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