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I received 6,000 from a burial posicy. Is this taxable income?

 
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New Member

I received 6,000 from a burial posicy. Is this taxable income?

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.

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New Member

I received 6,000 from a burial posicy. Is this taxable income?

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.

View solution in original post