I received a check for unclaimed property from the state of Nebraska. there wasn't any forms like the 1099 with it , so is it considered taxable income?
I received a check for unclaimed property from the state of Nebraska. there wasn't any forms like the 1099 with it , so is it considered taxable income?
No, unclaimed property is not taxable. However, any interest that had accrued would be taxable and the state issuing the unclaimed property. For example, if you had a 500.00 life insurance policy that was unclaimed and interest had accrued on the policy of $23, you would owe taxes on the $23 in interest.
I received a check for unclaimed property from the state of Nebraska. there wasn't any forms like the 1099 with it , so is it considered taxable income?
No, unclaimed property is not taxable. However, any interest that had accrued would be taxable and the state issuing the unclaimed property. For example, if you had a 500.00 life insurance policy that was unclaimed and interest had accrued on the policy of $23, you would owe taxes on the $23 in interest.
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