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For Caregivers

Question: I received a death benefit from my parent’s life insurance policy. Are these insurance proceeds taxable to me?

Answer:

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. This is true even if the proceeds were paid under an accident or health insurance policy or an endowment contract. However, interest income received as a result of life insurance proceeds may be taxable.

See Publication 525, Taxable and Nontaxable Income, for additional information.


Category: IRS Procedures
Subcategory: For Caregivers

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The OMB number for this study is 1545-1432.
If you have any comments regarding this study, please write to:
IRS, Tax Products Coordinating Committee
SE:W:CAR:MP:T:T:SP
1111 Constitution Avenue NW
Washington, DC 20224