Beneficiary Income Tax Question

by Dennis
(Woodbury, NJ)

Beneficiary Income Tax Question

Beneficiary Income Tax Question

As beneficiary of a whole life insurance policy, what portion of the proceeds are taxable, the base policy amount (eg 10,000), the amount that appreciated of the years beyond the paid in full date (eg 3,500), or the entire amount of the payment to me (eg 13,500)?


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Estate Beneficiary

I will be receiving a sizable amount of money as the beneficiary of my brother-in-law's estate. What are my tax liabilities?

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