Are Life Insurance Proceeds Taxable In West Virginia?

1. 

   63333 POINTS

   

   Contact Peggy Mace Contact Peggy Mace by filling out the form below

   
   Name
   

   
   Email
   

   
   Phone Number
   

   
   Message
   

   Please leave this field empty.
   

   Δ

   Contact Me

   view profile
   Peggy Mace

   Most of the U.S.

   Life insurance proceeds are taxable if they are left to the estate of the policy owner. However, if the beneficiary is a person, that person receives the life insurance benefit income tax free. If they decide to take it on payments, only the interest is taxed.
   
   Federal estate taxes will be charged if the estate (including life insurance proceeds) exceeds $5,250,000 in 2013. West Virginia does not have a state estate tax.

   Answered on September 18, 2013

   +0

   1 0

   +1 this answer

   flag this answer

   view more answers by Peggy Mace
Did you find these answers helpful?
Yes
No
Go!

Add Your Answer To This Question

You must be logged in to add your answer.