peonywlwy1
Returning Member

Foreign Whole life Insurance death benefit need to be taxed or not?

Last year I got a death proceed of my husband's whole life policy from Hong Kong. Does the death benefit need to pay tax in the us?

I have read many information online, it seems policy with income each year needs to be taxed in the US.  However, it is a whole life and there is dividend each year and deposited into the cash value. No money is taken out.  Please see if any expert can help?