Insurance Money

[Tasha0614]

What is the name of your state? What is the name of your state? Missouri

My father past away from a car accident about three weeks ago. Recently I rec'd a letter from his employer stating that he has a policy for $113,000 with me as the beneficiary. My question is will this money be considered by the IRS as a gift, and if so how much of it will be taxable? Also, if taxable, how soon do I have to send the money?

Tasha0614

 

[knotcops]

Contact a tax advisor or attorney.

 

[wanabath]

Death benefit proceeds are not a taxable event.

 

[HomeGuru]

Death benefit proceeds are not a taxable event.

**A: is death a taxable event?