Taxable gain from a life insurance policy lapse

[JS512]

My life insurance policy has lapsed and I have a taxable gain (6 figures).

Can I write off this taxable gain against my stock tax loss carry forward (also 6 figures)?

[Mike9241]

the term lapse usually means that the policy expired worthless because premiums weren't paid and there was no cash value left to cover the premiums.  more likely the policy had a maturity clause which means if you lived to the specified age you would receive the value specified in the contract. This would be ordinary income to the extent it exceeds your basis in the policy. the insurance company should be sending you a 1099-R sometime in January of next year.    if you have questions contact the insurance company.     

[Critter-3]

This is taxed as ordinary income not cap gains so it will not offset capital losses.