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    cbringuez66's Avatar
    cbringuez66 Posts: 5, Reputation: 1
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    #1

    Oct 28, 2009, 11:37 AM
    Estate money
    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's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Oct 28, 2009, 12:29 PM

    Life insurance proceeds are not taxable.
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