How to Report Life Insurance Proceeds Transfer for Value The death benefit that a life insurance policy pays out is typically tax-exempt. The U.S. tax code provides a specific exemption for the proceeds from life insurance. But it also carries an exception to that privileged status. Selling the ownership of your policy has tax ...
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How to Figure Taxes on Series E Bonds The U.S. Department of Treasury issued Series E savings bonds from May 1941 through June 1980. Originally created to fund World War II, the Series E bond was sold in denominations ranging from $25 to ...Read More
Tax Tips for High Income Earners Since the U.S. income tax system is progressive, a higher income typically means a higher tax rate. Fortunately, the Internal Revenue Code contains several incentives that you can take advantage of ...Read More
Taxes on Inherited Trusts A trust is set up to hold assets at arm's length from the person who buys them. Living trust assets are taxed like other assets (gift and estate taxes apply). With good estate tax planning and ...Read More
Tax Benefits of Land Leases A land lease, also known as a ground lease, allows you to rent real estate rather than purchase it outright. This arrangement might save you money if you lack the resources to buy the land outright, ...Read More
Tax Deductions if You Got Laid Off Losing a job can be a heavy financial blow, but if you've been laid off, you have the right to some useful tax breaks while you wait to return to the workforce. The IRS allows deductions on job ...Read More