680575
You'll need to sign in or create an account to connect with an expert.
It depends, most burial policies or funeral insurance policies are actually simplified whole life insurance policies. Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includeable in gross income and you don't have to report them.
Check with the insurance company to find out more about the policy. They should be able to tell you if it qualifies as a life insurance for IRS purposes.
It depends, most burial policies or funeral insurance policies are actually simplified whole life insurance policies. Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includeable in gross income and you don't have to report them.
Check with the insurance company to find out more about the policy. They should be able to tell you if it qualifies as a life insurance for IRS purposes.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
dcsharkey
New Member
unclesamiamnot
New Member
spanglerc
New Member
izaclee216
New Member
AndrewA87
Level 4