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Get your taxes done using TurboTax
Hi, @Dgyoung15 , thanks for the question! To answer, as a general rule, life insurance proceeds are not taxable. Additionally, bona fide gifts are generally not taxable to the recipient. However, it does count toward your "lifetime exclusion limit", as explained in this TurboTax article.
Hope this helps, please let me know if this raises additional questions!
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‎June 28, 2023
12:54 PM