What is the name of your state (only U.S. law)? California
If you lose a parent and your remaining parent gets the life insurance money and gives you $30K or $40K, do you have to pay taxes on this? I don't think the living parent gets taxed on the insurance money and doesn't seem fair for the child to get taxed on the gift/inheritance. If so, is there a way around this?
If you lose a parent and your remaining parent gets the life insurance money and gives you $30K or $40K, do you have to pay taxes on this? I don't think the living parent gets taxed on the insurance money and doesn't seem fair for the child to get taxed on the gift/inheritance. If so, is there a way around this?