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Question regarding whole life insurance and tax. If a person
Hello ... question regarding whole life insurance and tax. If a person has a whole life insurance policy that now has a cash value, if cash is drawn out of the policy is that a taxable event?Upon deat… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,029 satisfied customers
I sold a life insurance policy. Trying to figure out the tax
I sold a life insurance policy. Trying to figure out the tax consequences so that I can reserve that amount and invest the rest. The best I can figure out is to enter it as a long term capital gain (t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,029 satisfied customers
I own a life insurance policy on my son. It has a large gain
I own a life insurance policy on my son. It has a large gain if surrendered and also has a large loan. If I keep this policy until i die and he becomes the owner, does the policy get a step up in basi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,029 satisfied customers
I own a life insurance policy on my son. It has a large gain
Second opinion] I own a life insurance policy on my son. It has a large gain if surrendered and also has a large loan. If I keep this policy until i die and he becomes the owner, does the policy get a… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,700 satisfied customers
I had a whole life insurance policy. I paid for years and
I had a whole life insurance policy. I paid for years and then stopped. When I surrendered it, i recieved 5000.00. They say that the 39000.00 that was used from my life insreance policy to pay the ann… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,559 satisfied customers
If you cash in your whole life insurance, do you have to pay
If you cash in your whole life insurance, do you have to pay tax again … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,029 satisfied customers
I would like to move some of my 401k pretax funds to after
I would like to move some of my 401k pretax funds to after tax Roth. I can change future allocatoins but what about my existing accounts, are there any way to begin to move some of that? I realize it … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,700 satisfied customers
Years ago I took out a $25,000 whole life insurance policy.
Years ago I took out a $25,000 whole life insurance policy. I withdrew $10,000 of the cash value earned. I never repaid the cash withdrawn and now I am considering suspending the life insurance policy… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,325 satisfied customers
I am considering surrendering a $10,000 whole life policy
I am considering surrendering a $10,000 whole life policy for cash value. Does this distribution require reporting to the IRS?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,700 satisfied customers
I am about to surrender a "variable universal life insurance
I am about to surrender a "variable universal life insurance policy" and take the cash surrender value. The insurance company's records show that my cost basis in the policy is about $18,000 greater t… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,700 satisfied customers
I have a few questions w.r.t Foreign income related Tax issues
I have a few questions w.r.t Foreign income related Tax issues and filing FBAR. 1> I have a Fixed Deposit in a bank in India. I have calculated the interested I accrued in the FD in 2014. Do I simp… read more
Barbara
Barbara
Enrolled Agent, Paralegal
11,853 satisfied customers
I cashed out a Met Life whole life policy my father had started on me when I was little. I
I cashed out a Met Life whole life policy my father had started on me when I was little. It redeemed for approx $900 in 2011. My husband assured me it was not taxable income, but now I've done researc… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,029 satisfied customers
I am going to get the cash value out of a whole life insurance
I am going to get the cash value out of a whole life insurance policy I am suspending. What tax liability will i incur?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,700 satisfied customers
2 years ago I took a loan for $7000 against the cash value
2 years ago I took a loan for $7000 against the cash value of a whole-life insurance policy. At the time I was advised by a financial advisor that I could use this money tax free. Today, 2 years later… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
If a whole life insurance is cacelled what portion of the policys
If a whole life insurance is cacelled what portion of the policy's cash value is subject to tax? And if a loan is taken instead of surrendering the policy what portion is taxable.… read more
JKCPA
JKCPA
Certified Public Accountant (CPA)
Bachelor's Degree
1,796 satisfied customers
If a customer lapses a life insurance policy and as a result
If a customer lapses a life insurance policy and as a result has a gain and they decide to pay back premiums and reinstate the policy, can we reverse tax reporting if it all occurs in the same year?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,029 satisfied customers
I am considerting converting my term life policy to whole life
I am considerting converting my term life policy to whole life and then selling the policy. What is the federal tax treatment regarind the proceeds from the sale of a life insurance policy. Is it ordi… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
I cashed in a Variable Universal Life Policy in 2003. Basis was $6000
I cashed in a Variable Universal Life Policy in 2003. Basis was $6000. I netted 4000. Can I deduct the $2000 loss (includes 650 surrender charges)?… read more
Expert
Expert
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