Whole Life Insurance Cost Basis
What accounts for a cashout Political Life of taxes?
My wife and I cashed out his whole life policy last year. He ended up being a waste (there is now a big surprise). How can I explain in my tax return. Was it a normal investment in schedule D? Are the premium payments account for the entire cost base or are divided based on some go to the safe and some go into the savings plan?
Life insurance is not considered an investment. You have no gain or loss.
