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Andreahpt
Level 2

Life Insurance Surrender Charge

When my mother received the life insurance for my dad when he passed away, the company charged a large Surrender charge of close to $3000. Can she deduct this on her taxes?

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‎February 9, 2021 1:28 PM
last updated ‎February 09, 2021 1:28 PM
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MinhT1
Employee Tax Expert
Employee Tax Expert

Life Insurance Surrender Charge

No, the surrender charge on a life policy is not tax deductible.

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‎February 9, 2021 1:46 PM
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