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I got a life insurance check for 6000 after my mom passed. I don't know what to do with it.....where do I put it in my taxes
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Two things happen when you receive a life insurance benefit.
1) You receive the life insurance benefit, which is not reportable or taxable.
2) You receive interest, often a minor amount, which is taxable. The interest is what was earned on the life insurance benefit between the date of death and the date the benefit was disbursed to you. The statement provided by the insurance company should indicate what interest, if any, was distributed to you in addition to the base insurance benefit.
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