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<blockquote data-quote="CrazyinVA" data-source="post: 362033" data-attributes="member: 1157"><p>You shouldn't incur any federal tax liability as far as I know (I never did when my mother died)</p><p></p><p><a href="http://www.irs.gov/publications/p525/ar02.html#en_US_publink1000229373" target="_blank">From the IRS</a>: "Life insurance proceeds paid to you because of the death of the insured person are not taxable unless the policy was turned over to you for a price. " </p><p></p><p>From the same publication: "Gifts and inheritances. Generally, property you receive as a gift, bequest, or inheritance is not included in your income. However, if property you receive this way later produces income such as interest, dividends, or rents, that income is taxable to you"</p><p></p><p>Double check your state tax laws, though.</p></blockquote><p></p>
[QUOTE="CrazyinVA, post: 362033, member: 1157"] You shouldn't incur any federal tax liability as far as I know (I never did when my mother died) [URL="http://www.irs.gov/publications/p525/ar02.html#en_US_publink1000229373"]From the IRS[/URL]: "Life insurance proceeds paid to you because of the death of the insured person are not taxable unless the policy was turned over to you for a price. " From the same publication: "Gifts and inheritances. Generally, property you receive as a gift, bequest, or inheritance is not included in your income. However, if property you receive this way later produces income such as interest, dividends, or rents, that income is taxable to you" Double check your state tax laws, though. [/QUOTE]
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