Is Income Tax Due On Life Insurance Proceeds?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Life insurance proceeds that do not go through probate do not usually have income tax due on them. If the life insurance is left to a person, that person does not have to pay income tax on the death benefit portion of the life insurance. If there has been some gains in the policy, those would be taxed.
    Answered on August 10, 2013
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