Legal Question in Tax Law in New Jersey
sons death benefit
I am the beneficiary of my sons recent life insurance benefit. Is this taxable? He was a resident of PA, died in DE. and I live in NJ
Asked on 12/09/06, 11:32 am
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Re: sons death benefit
PRESUMING THE BENEFIT WAS PAID AS A RESULT OF DEATH (IF SO, MY CONDOLANCES), IT IS NOT SUBJECT TO INCOME TAX, UNLESS ANY PORTION IS INTEREST OR OTHER TAXABLE INCOME. SOME INTEREST MAY HAVE BEEN EARNED BETWEEN DEATH AND REDEMPTION, SO THERE MAY BE SOME INCOME AND TAXES DUE ON IT.
Answered on 12/09/06, 12:04 pm
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