Cashed In Life Insurance Policy Income Tax Question

by Joe
(New York)

Cash

Cash

My parents, who are deceased had a life insurance policy on me. I cashed it in in 2011. Cash-in value was less than $1,100.

Are the proceeds taxable for IRS purposes? The IRS website did not help with this matter.

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Jan 20, 2024
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starstarstarstarstar 		Understanding Life Insurance Payouts
by: BB

No, the money you received from the life insurance policy cash-in is usually not taxable for IRS purposes. You can keep the full amount you received.

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Cash Only

I made $8000.00 in cash, but have no 1099, I have two dependents, will I get a refund on taxes?

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Cash Payment

by omkar chandak
(karad,maharashtra,india)

If payment made in cash is exact rs. 20000, can we get deduction?

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Non-Cash Charitable Contributions

My Mother passed away in January 2010. We had to put up her house for sale and we have made many, many trips to Goodwill to donate unwanted items. Unfortunately, I only asked for one receipt. We probably gave over $1,000 in furniture, clothing and household items. Is there any way I can claim this without the other receipts?

thank you for your help.

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