<span title="Insurance/Beneficiary??????">Insurance/Beneficiary????...</span>

Question

I am named as beneficiary on several of mothers insurance policies. When she passes will I have to claim the money from the insurance companies as income on my taxes.

I reside in the State of Florida. Not sure if that has a bearing on the answer or not.

Answer 1

Life Insurance payouts are tax free.

Answer 2

Proceeds from a life insurance policy to a beneficiary is not taxable income.  Only if you were talking about a SUBSTANTIAL amount of money...the only tax you would pay is if the money sat and earned interest before it was paid to you.  You would have to claim the interest as income just like you do with your savings accounts from your bank.  I hope this helps.

Answer 3

No, not at all. Life insurance proceeds pass tax free to the named beneficiary and are free from your debtors and creditors hands as well.

Answer 4

No.

Answer 5

of course, you can claim the money.

here are more information about Insurance/Beneficiary.  looking my sources:

Answer 6

Life insurance proceeds are not taxable to a named beneficiary. If left to the estate, may be liable for estate taxes.