Legal Question in Administrative Law in Indiana


could you tell me if you have to file taxes on life insurance you was 10,000 dollars

Asked on 7/11/05, 5:39 am

1 Answer from Attorneys

C. David DuMond Law Offices of David DuMond

Re: inheritance

Life insurance proceeds in the amount of $10,000 are generally not subject to any estate or inheritance or income tax I know about. However, using my vivid imagination, i can see a few situations where taxes would adhere. I don't want to write a whole aritcle about it, so to make it short: if you are an Indiana resident, and the decedent was an Indiana resident, and there are not any other substantial assets in the decedent's estate, then you won't owe any state inheritance or federal estate taxes nor any kind of income tax.

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Answered on 7/11/05, 4:50 pm

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