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Old 02-10-2017, 12:45 PM
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Unhappy whole life insurance change of ownership income taxable?

Hello,

My wife changed the ownership on a whole life insurance policy in 2016 from herself to her mom. We received no $ from this yet we got a 1099 for the cash value of the policy which says it's a taxable distribution. Is this correct? I would think it wouldn't be taxable since we received no proceeds.

Help please!

Thanks



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