Estate money

cbringuez66 · #1 Oct 28, 2009, 11:37 AM

I am the executor to my late father's estate. I have a very small life insurance check made out to the estate and have already probated and received the letter of testimentary. The bank says that I have to establish a tax ID number for this money. When I file my taxes next year will I be penalized or taxed for this money?

JudyKayTee · Oct 28, 2009, 12:29 PM

Life insurance proceeds are not taxable.



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