Do you need to report death benefits on your taxes?
Asked by
AshlynM (
10684
)
September 22nd, 2011
Do I need to report the death benefits I received when my husband passed?
Does it depend what type of death benefit?
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6 Answers
You can always check with the insurance company but I believe you still have to file, only you get most of the money back because your given a break for the first year. At least that is how it was when my dad died but that was over 30 years ago.
If there was lots of medical bills you get to deduct that as well if his medical insurance didn’t cover it all.
My condolences,
The lawyer who handed the probate on the will can answer this.
What kind of “death benefits” are you talking about? Annuities? Life insurance? Veteran’s benefits? The Social security death benefit? It depends. You should consult with a tax accountant if you are unsure.
It depends on where money came from, life insurance? Annuity? Checking account? If the latter, how was it owned? Lots more questions go with those
No.
I got insurance from my Mom’s death. I asked my CPA about it, and she said you don’t need to claim it.
@filmfann Life insurance proceeds are tax free. Other assets are not.
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