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Surrendering a life insurance policy. Tax consequences?
Posted on 10/31/16 at 11:42 am
Posted on 10/31/16 at 11:42 am
If you choose to surrender a life insurance policy, you receive an amount usually approximate to what you paid thus far in premiums, correct?
Question: Is the money you receive for surrendering the policy taxable?
My initial thoughts are no because it's not necessarily a "gain" of any kind.
Question: Is the money you receive for surrendering the policy taxable?
My initial thoughts are no because it's not necessarily a "gain" of any kind.
This post was edited on 10/31/16 at 11:43 am
1
Posted on 10/31/16 at 11:59 am to HailToTheChiz
Only to the extent your cash value rec'd exceeds your premiums paid
Posted on 10/31/16 at 1:15 pm to LSUFanHouston
If you have a dividend(participating) policy, subtract accumulated dividends and premiums paid from cash value. Difference is taxable.
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