Life Events

June 25, 2018

Do I owe taxes on life insurance profits payable to me?

Typically not. Unless the recipient paid for the privilege to collect the life insurance policies, they are non-taxable income. For instance, if a policy was purchased […]
June 25, 2018

My spouse died this year; may I file a joint return for this year?

Of course. If the surviving spouse didn’t remarry before the end of the tax year, he/she may choose to file a joint return.
June 25, 2018

May I refuse inherited property in order to reduce taxes?

To refuse all or part of the property that is being passed on to you by a will, intestacy laws or the operation of law, you […]
June 25, 2018

Upon a family member’s death, what taxes are due?

The following sums up the different taxes that may need to be paid upon death of a family member: Federal Estate Tax. Amounts that are given […]