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Taxes

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bqz

Junior Member
What is the name of your state? Indiana
My neighbor who died left her life insurance to my wife and I in the amount of 10k.
My question is do we have to pay taxes on this and if so ,would anyone know how much?
 


S

seniorjudge

Senior Member
bqz said:
What is the name of your state? Indiana
My neighbor who died left her life insurance to my wife and I in the amount of 10k.
My question is do we have to pay taxes on this and if so ,would anyone know how much?
Click to expand...
Post this in the tax section.
 
B

Betty

Senior Member
bqz said:
What is the name of your state? Indiana
My neighbor who died left her life insurance to my wife and I in the amount of 10k.
My question is do we have to pay taxes on this and if so ,would anyone know how much?
Click to expand...
$10k policy - no. The general rule is that life ins. proceeds paid by reason of death of the insured are exempt from income tax.
 
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