QUESTION
Do I need to claim this cash on my Federal or state taxes and how much tax will I owe on this if I'm a stay at home wife?
Asked on Jan 17th, 2015 on Taxation - Ohio
More details to this question:
I received $6000 from my dad's life insurance (the amount left over after the executor paid off his debts).
1 ANSWER
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
Update Your Profile
Life insurance proceeds are usually tax exempt. Almost all funds inherited from an estate are tax exempt (IRAs and annuities are exceptions to this rule) So, it's unlikely that there will be any income taxes on the $6,000.
Answered on Jan 20th, 2015 at 9:20 PM