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Life insurance policy cashed out Dec 20th but not received until January. Which year is it taxed?

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  • Life insurance policy cashed out Dec 20th but not received until January. Which year is it taxed?


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Answer #1 | 30/12 2013 04:45
It doesn't matter because life insurance polices are not taxed.
Answer #2 | 30/12 2013 06:36
Taxable gain, if any, would be recognized in 2013 and filed with 2013 taxes. If there was a gain, it would have likely been advisable to wait 12 days and delay the tax for a year.
Answer #3 | 30/12 2013 15:17
Any taxes would be based on the date the check was cut.

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