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Author: fetchit Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 118626  
Subject: Life Insurance Cashout Date: 8/30/1999 11:47 PM
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I recently cashed out of a life insurance policy that my mom has been contributing to for the last 25 years or so. The policy has been in my name for the entire time. What is my tax liability? I am assuming since I did not make any contributions that I will have to pay taxes on the entire amount. What IRS regulations govern this type of income event?

Thanks
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