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06-22-2020, 10:10 AM
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Senior Member
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Join Date: Sep 2010
Location: Mt. AIRY NC, NORFOLK VA, VA BEACH, VA, FT WAYNE,IN, CINCINNATI, OH, ROSWELL, GA, THE VILLAGES
Posts: 440
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Quote:
Originally Posted by retiredguy123
Well, if it is a loan, then the IRS would definitely tax you on any income you made from the loan, including interest. So, the excess in collateral you made would be taxable income. But, if it is a loan, then the beneficiary would only be able to keep part of the life insurance proceeds needed to pay off the loan. The rest would revert back to your estate.
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can always make it a gift
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