taxation or not
i'm the beneficiary of a life insurence policy. Will i have to pay taxes on this 20.000.00?
Asked on 3/25/04, 5:55 pm
1 Answer from Attorneys
Thomas Schober
Schober Schober & Mitchell, S.C.
Re: taxation or not
The amount is not subject to income taxes. However, if the estate is large enough, it may be subject to either federal or state estate taxes (over $600,000, for starters).
Answered on 3/25/04, 11:29 pm
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