I’m the beneficiary of an insurance payout on the death of a relative — Is a life insurance payout taxable?
Regarding your question: Is life insurance payout taxable income, no, the IRS does not consider life insurance payouts taxable income.
However, life insurance payout taxable interest issues might arise if you earn interest on the payouts after the relative dies. If so, you’ll need to report this as taxable interest on your return.
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Many entrepreneurs find themselves wondering exactly how Bitcoin is taxed. Our H&R Block Tax Pros are prepared to assist self-employed filers with Bitcoin taxation.
What is Cryptocurrency? Bitcoin, Litecoin, and the like leave many wondering how to classify this new form of investment. Find the answer at H&R Block.
Have you found yourself wondering how the IRS classifies Bitcoin? Our tax pros discuss relevant IRS Bitcoin law and notices. Learn more with H&R Block.