Life Insurance Benefits Taxes
If I gift life insurance benefits to someone else are they required to pay taxes?
I am the beneficiary. I am in the state of Alabama
No. You may be. Life insurance payouts to the beneficiary (you) are not taxable. However, gifts in excess of $12,000 per year require gift taxes from the giver (not the recipient). Makes no difference that you acquired the money from life insurance proceeds.
Insurance Information : Tax Advantages of Life Insurance
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