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Father in law passed in 2015. Final tax return was prepared.
Father in law passed in 2015. Final tax return was prepared. His mother had a life insurance policy in which he was a recipient as well as his last remaining sibling. In July 2018, his mother reached … read more
PDtax
PDtax
Owner
Master's Degree
4,902 satisfied customers
REGARDING A LIFE INSURANCE AGENT OR BROKER THAT CONVERTED A
REGARDING A LIFE INSURANCE AGENT OR BROKER THAT CONVERTED A TERM LIFE INSURANCE POL[CY INTO A WHOLE LIFE POLICY WITH THE SAME INSURANCE COMPANY WITH THE PAYMENT OF AN ANNUAL PREMIUM . THE AGENT RECEIV… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
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I am retired and get $2700 monthly between social security
I am retired and get $2700 monthly between social security and retirement from PSER's. If I cash in a life insurance policy that will yield approximately$4300, how much tax will I have to pay on that?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,491 satisfied customers
I received $150,000 from a life insurance payout. If I want
I received $150,000 from a life insurance payout. If I want to pay my sons house off with part of it, will I be taxed? I am 74 & retired. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,491 satisfied customers
I have a life insurance policy bought by my parents many
I have a life insurance policy bought by my parents many years ago. Face amt. is $25000 . Life paid-up at age 95. Additional paid-up insurance is $28000. It says "your policy will receive a dividend o… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
20,666 satisfied customers
I have a client who wants to put 1 million into life
I have a client who wants to put 1 million into life insurance buying a face value of 2 million. He is worth approximately 20 million. How is the 1 million he would deposit with a life insurance carri… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
TOPIC : TAX QUESTION. QUESTION: What type of trust allows
TOPIC : TAX QUESTION. QUESTION: What type of trust allows the grantor to deduct current insurance premiums being paid to keep the policy in force until grantor's death? BACKGROUND: I own a policy on m… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,461 satisfied customers
I have a Hartford single premium life insurance policy that
I have a Hartford single premium life insurance policy that will mature 6/15/2014, since I have reached age 95. Issue date was 6/15/1987 Excess interest will exceed premiums paid substantially. Settle… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,659 satisfied customers
Hello, I am self employed, I run my own business. I have
Hello, I am self employed, I run my own business. I have a question about writing off bad debts on my tax return. I sell a product called the Drink Exchange. The Drink Exchange is a computer system fo… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,491 satisfied customers
My fiance in Canada lost her Dad - the last will shows that
My fiance in Canada lost her Dad - the last will shows that everything whats left is a 50/50 split with her brother - she is the executor of the last will - when she sells the house - is there anythin… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
20,666 satisfied customers
Hi. I would like to know if I can deduct the cost of a single-premium
Hi. I would like to know if I can deduct the cost of a single-premium long-term care insurance policy I bought for myself in 2011. This is actually a "life insurance" policy which will pay long-term c… read more
Anne
Anne
Master Tax Preparer
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If I were to convert my employer paid private group disability
If I were to convert my employer paid private group disability policy to an individual one that I pay premiums for after after a claim has been approved, would the payouts after conversion still be ta… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
We have two ins policies that the premiums are paid by our
We have two ins policies that the premiums are paid by our business. One is owned by us and one by the company. I want to know for future estate tax purposes if it makes a difference who pays the prem… read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
245 satisfied customers
I bought a stock in April of 2008 for $8500. By the end of
I bought a stock in April of 2008 for $8500. By the end of 2008 the stock fell off the stock exchange because it was delisted for falling under $1 a share. The company was sold in June 2009 to another… read more
Stephen G.
Stephen G.
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Bachelor's Degree
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I received a cancer insurance policy claim payment. what
I received a cancer insurance policy claim payment. what is the taxable amount of the payment?… read more
Lev
Lev
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Bachelor's Degree Equivalent
32,491 satisfied customers
iF I HAVE PURCHASED LIFE INSURANCE OF 100,000$ ON MY LIFE.
tO DATE i HAVE PAID $50,000 IN TOTAL PREMIUNS AND RECEIVED $10,000 IN DIVIDENS. THE POLICY CASH VALUE IS $15,000 AND IS SUBJECT TO $30,000 OUTSTANDING LOAN. iF i SURRENDER THE POLICY HOW MUCH GAIN IF … read more
Bill
Bill
Master's Degree
3,158 satisfied customers
I am looking at refinancing my mortgage. Current is ...
I am looking at refinancing my mortgage. Current is $123,200 (with $123,000 left) at 9.75% with 2% prepay penalty for another 18 months. My wife''s credit is fair & mine is poor. New loan is a 30 yr s… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
I bought a Term Life Policy in 1970, then contracted ...
I bought a Term Life Policy in 1970, then contracted MS. The policy was converted to Whole and was paid by a waiver of premium, which started in 1974. Can I be taxed for taking loans against the polic… read more
Christopher Phelps
Christopher Phelps
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