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I have a life insurance maturing in Germany. Is there a tax shelter for it?
I have a life insurance maturing in Germany. I would like to move it and put it in a tax shelter such as an annunity. I am 65 and I want to save as much as I can. Do I have to pay taxes if I move the money to the US?
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Are you a U.S. citizen or resident alien? If so, and you receive MORE than what you paid in premiums on the insurance policy, then likely the difference is considered taxable income.
Once you have the money, the mere transfer of the funds is NOT a taxable event, as the U.S. has NO transfer taxes. |
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