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Level 1
July 12, 2020
Solved

relatives life inc policy

  • July 12, 2020
  • 1 reply
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do I file file the amount of money from death of a mother and if so where?

Best answer by Bsch4477

Generally, life insuranceproceeds you receive as a beneficiary due to the death of the insuredperson, aren't includable in gross income and you don't have to report them. However, any interest you receive is taxable and you should report it as interest received.

1 reply

Bsch4477Level 15Answer
Level 15
July 12, 2020

Generally, life insuranceproceeds you receive as a beneficiary due to the death of the insuredperson, aren't includable in gross income and you don't have to report them. However, any interest you receive is taxable and you should report it as interest received.