Is Life Insurance Benefit Taxable?
My father left two life insurance policies worth $25,000 total with me named as the beneficiary. His intention was that I split the money four ways (with my three siblings), which I intend to do after I receive the checks. Am I liable to pay income tax on the $25,000?
Asked on 4/20/05, 10:44 am
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Is Life Insurance Benefit Taxable?
No. Life Insurance payments are excluded from your gross income.
Answered on 4/20/05, 1:20 pm
