Legal Question in Tax Law in New Jersey
If I cash in my life insurance policy for the cash value,is there ant tax liability? I have paid more in premiums over the past 28 years than the cash value.
Asked on 12/02/09, 9:19 pm
1 Answer from Attorneys
Ronald Cappuccio
Ronald J. Cappuccio, J.D., LL.M.(Tax)
Yes, you will pay tax on the earnings. It might be wiser to borrow the cash value, which is not taxable. Please consult your estate tax attorney!
I hope this helps!
Ron Cappuccio
www.SaveYourEstate.com
856 665-2121
Answered on 12/12/09, 2:00 pm
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