Thanks Opus. I appreciate it. The first question that comes, is , the life insurance income taxable? In fact, my wife had her mother opening a life insurance on her. After few years she closed it, so she could use the money for home purchase. I called in and asked few question to the representative and they've said that money she received after closing the life insurance policy is not taxable. I still have few doubts on it, and wanted to make sure what she's said is accurate to avoid IRS issues later on... what do you think? (the money received was less than $555)
