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Are the proceeds of a Viatical/Life Settlement taxable?

April 26, 2017life proceeds taxable viatical

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Are the proceeds of a Viatical/Life Settlement taxable?

1 Answer

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The proceeds are tax-free up to the amount you have paid in premiums during the life of the policy. Whether or not and how the balance of the proceeds will be taxed depends on your specific situation. Please consult your tax advisor for additional information.