lennstrom14
Junior Member
What is the name of your state? ct
a friend asked me to inquire about a life insurance policy she has ...she has an endowment policy which she is considering cashing in . will she have to pay income taxes on it ..net cash value is : 18,638. total prem paid 10,626.
total interest received and taxes paid on it are : 1282.00
total dividends would be net cash value of 18638 less prem paid 10626 and minus interest
i already paid taxes on 1282 would result in total div of 6730.00...would i owe taxes on 6730...would this be added on income taxes as income or would this be a capital gain and filed on a schedule d form ....thank you for your help.
a friend asked me to inquire about a life insurance policy she has ...she has an endowment policy which she is considering cashing in . will she have to pay income taxes on it ..net cash value is : 18,638. total prem paid 10,626.
total interest received and taxes paid on it are : 1282.00
total dividends would be net cash value of 18638 less prem paid 10626 and minus interest
i already paid taxes on 1282 would result in total div of 6730.00...would i owe taxes on 6730...would this be added on income taxes as income or would this be a capital gain and filed on a schedule d form ....thank you for your help.