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Level 1
April 18, 2022
Question

life insurance proceeds

  • April 18, 2022
  • 1 reply
  • 4 views

do I count life insurance proceeds?

I did not earn any interest since I paid the funeral home with the proceeds and a few bills. 

    1 reply

    JohnB5677
    Level 15
    April 18, 2022

    Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them.

     

    Also, see: Life Insurance & Disability Insurance Proceeds

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