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Do you have to pay taxes on insurance monies payed to you?

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Do you have to pay taxes on insurance monies payed to you?

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  1. No, you don't.  Also, many people purchase life insurance for estate planning....that is, so the proceeds will cover the taxes imposed on their heirs and/or estate.  The death benefit is not taxed.


  2. Only if there's a GAIN.  If it's paying you back for a financial loss, like life insurance or fire insurance, no.
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