My husband’s mother was the beneficiary to her second husband’s policy. She passed away before her husband. He then passed and his life insurance proceeds were distributed to his late wife’s children including my husband. Second husband was not children’s father. Do we report the life insurance proceeds as income?
No, an ordinary death benefit from a life insurance policy is not taxable income, and you do not report it on your tax return. It doesn't matter whether the beneficiary is related to the deceased.
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