My sister passed away in a plane crash and the plane was insured. If the insurance company wrote me a check for $50,000 how much should I be expecting to pay in taxes? I'm so confused....
2007-02-05 09:08:03 · 7 answers · asked by Kara 3 in Business & Finance ➔ Taxes ➔ Other - Taxes
Almost all insurance is passed on to the beneficiary tax-free. Life insurance is one of those kinds. You should not have to pay any taxes, but check with your tax advisor if you have one.
2007-02-05 09:12:22 · answer #1 · answered by fretzdawg 2 · 0⤊ 0⤋
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RE Taxes on insurance?
My sister passed away in a plane crash and the plane was insured. If the insurance company wrote me a check for $50,000 how much should I be expecting to pay in taxes? I'm so confused....
2014-09-08 06:03:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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RE :Taxes on insurance?
My sister passed away in a plane crash and the plane was insured. If the insurance company wrote me a check for $50,000 how much should I be expecting to pay in taxes? I'm so confused....
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2016-08-26 13:42:42 · answer #3 · answered by ? 6 · 0⤊ 0⤋
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2014-11-15 05:28:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
IF IT'S LIFE INSURANCE YOU DON'T HAVE TO PAY ANY TAXES. IF IT'S A SETTLEMENT THEN I'D ASK MY TAX GUY. SORRY ABOUT YOUR SIS.
2007-02-05 09:17:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Life insurance proceeds are usually not taxable to the beneficiary, so don't worry.
I'm so sorry for your loss.
2007-02-05 09:11:13 · answer #6 · answered by Wendy S 4 · 0⤊ 0⤋
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2014-05-28 02:10:47 · answer #7 · answered by Anonymous · 0⤊ 0⤋