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Quick question for accountaints/tax guru's

Jackofalltrades

By Jackofalltrades,
in Huddle Lounge

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pstall Newbie

pstall

Posted
Posted

"should" and is are miles apart. Depends on the policy. Depends on her tax bracket.

Skew should nail this though.

FYI on this. If you do have a life ins policy, make sure you don't do 100% to one person. For example, my wife and kids get part of mine, but I have a Living Trust to get some as well. This offsets a tax hit, protects income and preserves some for later for the kids and their kids one day.

Just do your homework. Crap, I promised myself no cognitive thinking till July 6th.

Oh well.

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Acewalker Newbie

Acewalker

Posted
Posted

"should" and is are miles apart. Depends on the policy. Depends on her tax bracket.

Skew should nail this though.

FYI on this. If you do have a life ins policy, make sure you don't do 100% to one person. For example, my wife and kids get part of mine, but I have a Living Trust to get some as well. This offsets a tax hit, protects income and preserves some for later for the kids and their kids one day.

Just do your homework. Crap, I promised myself no cognitive thinking till July 6th.

Oh well.

Hence why I said should since I'm am unaware of the details...

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Skew Newbie

Skew

Posted
Posted

I don't do taxes either, but I do know that in general, any gain can be taxed. It would probable depend on the type of policy, amount received, her tax bracket, ect. To give you a simple answer: Yes.

If you need more detail, send me a PM and I'll look more into it.

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Ja Rhule Grand Master

Ja Rhule

Posted
Posted

I don't do taxes either, but I do know that in general, any gain can be taxed. It would probable depend on the type of policy, amount received, her tax bracket, ect. To give you a simple answer: Yes.

If you need more detail, send me a PM and I'll look more into it.

Thats what they taught us in college. Every gain is taxable... even if you find one dollar on the street, it have to be reported as a gain.

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