What Is A Form 712 On Life Insurance?
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63333 POINTSview profilePeggy MaceMost of the U.S.IRS Form 712 is a statement that provides the life insurance value of your life insurance proceeds to the IRS. It is required to completed and turned in when the Insured person or policy owner dies and the death benefit is paid to you, or when a life insurance policy is transferred to you as a gift. It needs to be returned with Form 706, 706-NA or 709, the Estate or Gift (and Generation-Skipping Transfer) Tax form.Answered on June 23, 2013flag this answer
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaIRS Form 712 is the decedent – insured form filed by the estate executor with form IRS form 706. The form identifies the policy face amount, accumulated dividends, terminal dividends, the amount of the proceeds, and personal information on the insured like date of birth, sex, etc. It also asks if the policy was transferred three years prior to the death of the insured.Answered on June 23, 2013+21+1 this answer
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