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Life insurance death benefit may be subject to income tax

Steve Gorin December 5, 2019
Man jumping from one cliff to another at sunset

If you transfer a life insurance policy in exchange for money or other property, the death benefit may become subject to income tax. This rule applies even to some nontaxable transfers. Furthermore, any policy issued to a business entity after August 17, 2006 may be subject to income tax if certain documentation was not on file when the policy was issued. READ MORE