Spouse into retirement: Thrown into his paperwork was value of group term life insurance that he had only a limited number of days to respond to but, didn't know he had so it lapsed. He paid taxes to Fed and NJ as amounts were greater than allowance on the excess life insurance policy as income annually for the past 30 years. Now it's worthless. He tried to argue to no length as he was not made aware timely... no go. So $ lossed but, did pay taxes.
Now doing taxes. Is there a loss able to be taken since he paid taxes all these years on the investment?
Thanks.
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