Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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

Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
3/13/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,402
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

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.

Ask Your Own Tax Question

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.

Ask Your Own Tax Question
Customer reply replied 5 months 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: 18,402
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,402
18,402 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

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

18,402 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 >

Related Tax Questions
My question is father die last month he was the policy owner
my question is father die last month he was the policy owner of a life insurance. My mother is the spouse rider and I am the primary beneficiary. The face amount of the policy is 50,000 base policy plus all riders … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,453 satisfied customers
My mother recently passed away and I am a beneficiary in her
My mother recently passed away and I am a beneficiary in her will and also on a life insurance policy. I expect to receive approximately a quarter million dollars from her estate and about $15,000 fro… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,402 satisfied customers
I live in Georgia. My grandmother had a Metlife life
Hi. I live in Georgia. My grandmother had a Metlife life insurance policy.My father was the beneficiary. When my grandmother died, my father had the death benefits placed into a Metlife Total Control … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am helping my mother with her financial affairs after my
I am helping my mother with her financial affairs after my father's death December 9, 2015. My father and mother were married and living together at their only home in Pennsylvania when he died. Her m… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My Father passed away on 3/27/14, he and my mother have the
My Father passed away on 3/27/14, he and my mother have the following assets: Home $800K Cash 150K Investments 450K Dad IRA 625K Dad Roth 92K MOM IRA 25K Upon his death, there were two life Insurance … read more
Bill
Bill
Master's Degree
2,278 satisfied customers
Im receiving SSDI and getting Medical assistance. I was approved
I'm receiving SSDI and getting Medical assistance. I was approved in February for Lumbar Spine Fusion. At the beginning of March my mother got sick so I when to AZ to see her. She passed away when I w… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am the personal rep for the small estates of both my late
I am the personal rep for the small estates of both my late mother and father, who passed away last year in that order. I opened bank accounts using EIN numbers in the name of the estate of each of my… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My mother was advised to put some life insurance in my name.
My mother was advised to put some life insurance in my name. I am disabled and a mother can give to a disabled child for medicare purposes. Now she was further advised to make me a beneficiary. Now I … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,402 satisfied customers
My step-mother passed away a year ago, and her $93000 IRA was
My step-mother passed away a year ago, and her $93000 IRA was supposed to pass to my father, but he never transferred it. Now he has passed away, and I am administrator and benificiery in both estates… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can or should I (by law or otherwise) still file my 2010 taxes
Can or should I (by law or otherwise) still file my 2010 taxes? Personal income tax. I did not work because I was going to continue going to college but instead cared for my mother who had been diagno… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My 84 ye old father passed away in Feb, he left me my 82 yr
My 84 ye old father passed away in Feb, he left me my 82 yr old mother w/alz, which is living with me. I have an aide stay with her during the day which is paid for out of their little bit of savings.… read more
bizmatters
bizmatters
J.D.
666 satisfied customers
My mother passed away 1 month ago at 701/2 years old; she was
My mother passed away 1 month ago at 701/2 years old; she was recieving disbursements from 2 IRA"s my father had set=up for his retirement but he passed away 3 years earlier and my mother was the bene… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My father just passed away and left a life insurance policy
My father just passed away and left a life insurance policy for $91,000.00. My mom is the benficiary and just received the check for this amount. How much of this do we need to pay the IRS? Also, she … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My mother passed away in April. Do we pay taxes on life insurance
My mother passed away in April. Do we pay taxes on life insurance benefits we received? Also we just got a contract on her house for less than it was appraised and about 300,000. less than it is assed… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
my mom just passed away. her life insurance is 100,000. it ...
my mom just passed away. her life insurance is 100,000. it will pay bills, and funeal expenses and then it will leave money for her husband and me and my 2 sisters. how do we find out what the inherit… read more
WebTaxMan
WebTaxMan
Tax Accountant
Bachelor's Degree
576 satisfied customers
Will I pay tax if my mother gives me $100,000 from life ...
Will I pay tax if my mother gives me $100,000 from life insurance proceeds? My father passed away and my mom will get the life insurance proceeds. They want to give me $100,000. Is that taxable? Is th… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
If a deceased person willed everything to her brother,
My deceased aunt willed everything to her brother. She lived in the state of PA. The beneficiary on her insurance policies was never changed from her mother. Her mother died 5 years prior to my aunt's… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
my father died this year and then my mother just passed ...
my father died this year and then my mother just passed away a week ago. They owed the IRS back taxes of $7,000 and were paying installments. My mom has a small life insurance policy and there is not … read more
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks
Master Tax Pro and Enrolled Agent
Master Degree
1,254 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.

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