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How do you account for a Whole Life Policy cashout with taxes? |
My wife and I cashed out her whole life policy last year. It ended up being a loss (now there's a big surprise). How do I account for it in my taxes. Would it be a normal investment in the schedule D? Are the entire premium payments considered for the cost basis or are they split out based on some going towards the insurance and some going towards the savings plan? Life insurance is not considered an investment. You have no loss or gain. Yes, but in whole life it is a savings account along side the life insurance. Surely this would be considered an investment by the government. Report It Educate yourself about life insurance here: http://finance1o1.blogspot.com "The truth is what insurance agents don't want you to know!" Report It |
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