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carconi
Jan 26, 2007, 03:25 PM
My father recently passed away and he left a policy for me and my sister. My mom is still alive and he asked her to split it between us. It works out to 20,000.00 for each of us. Is there any taxes we have to pay on it?
My mother is waiting to figure this out before she gives it to us so we can find the least costly route. Thanks for any help.

AtlantaTaxExpert
Jan 26, 2007, 08:18 PM
No taxes are due on life insurance proceeds.