Jun 13, 2013 #1 Toranaga Guru 100+ Post Club 407 Louisiana In order for the cash value of a surrendered policy to be taxable, it must exceed premiums paid. Correct?
In order for the cash value of a surrendered policy to be taxable, it must exceed premiums paid. Correct?
Jun 14, 2013 #2 E EP3 Expert 38 I just got licensed a year ago and that's what they taught us. Only the amount that exceeds premiums paid in is taxable. So for example if 4k was paid in, and cash surrender was 5k, then 1k would be taxable.
I just got licensed a year ago and that's what they taught us. Only the amount that exceeds premiums paid in is taxable. So for example if 4k was paid in, and cash surrender was 5k, then 1k would be taxable.
