Welcome Guest. Register Now!  

Ask TaxGuru » Individual » Itemized Deductions » VUL Life Insurance

Itemized Deductions Schedule-A


 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 07-15-2016, 05:33 PM
Junior Member
  
Join Date: Jul 2016
Posts: 1
VUL Life Insurance
Hi experts, I have purchased the VUL life insurance and I have put the premium of $23,000. If I terminate the policy now, I will get the cash value of $21,000. My question is if I take out the cash value now, do I need to pay any taxes for this or report the loss for this or file the form 1099 next year? Thank you very much in advance!


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 

« Can i deduct sellers portion of the real estate taxes? | Mortgage interest and Property tax deduction on home that is not owner occupied »


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Life Insurance proceeds dadsas C-Corporation 3 09-15-2015 03:20 AM
Transfer from Life Insurance to 529 srjjmart Miscellaneous 1 02-08-2015 06:55 AM
Life Insurance tal10 For 2014 1 12-08-2014 06:06 PM
Insurance is nessessary for life st david Life Insurance 3 11-12-2013 01:47 AM
Does it matter what Life Insurance Company I select to purchase Life Insurance? Edmund Life Insurance 0 08-23-2007 08:24 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
Ask TaxGuru?
 
Individual
 » Income
 » Estimated Taxes
 » Capital Gains
 » Itemized Deductions
 » IRA/Sep
 » Rental Real-Estate
 » Alternative Minimum Tax
 » Filing Requirements
 » Sole-Proprietorship
 » Medical
 » Auto Expenses
 » Social Security
 » Tax Credit
 » Depreciation
 » Divorce Tax Issues
 » Homeowner Tax
 » Multistate
 
Corporations
 » C-Corporation
 » S-Corporation
 » Limited Liability Company
 » Payroll
 » Multistate Tax Issues
 » Non-Profit Organisation
 » Trusts and Gift Tax Returns
 
Forum for CPAs
 » CPA Forums
 
Financial Planning
 » Estate Planning
 » Retirement Planning
 » Investment Strategy
 » Education Planning
 » Life Insurance
 
 » Tax News
 » Tax Calculators
 » Downloads
 » Contact Us
 
 
» Recent Tax Q&A
No Threads to Display.


Advertise - Contact Us - Ask TaxGuru - Archive - Disclaimer - Privacy Statement - Top
Copyright © 2007, AskTaxGuru.com
Powered by vBulletin® Version 3.6.8
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.1.0