Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I was sold a life insurance policy several years ago that was to build up a cash reserve so I would be able to have a monthly income at the end of the 10 year period. I finally got wise and saw how much was going to the insurance company in the form of charges and fees and finally cashed it out a few months ago. However, there was of course the usual large cash surrender charge with it. I thought I remember reading that this surrender charge is much like an early surrender charge on a CD and that surrender charges are tax deductable.
Is this true or not?
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement