grandmabee Posted March 22, 2012 Report Posted March 22, 2012 client has a life insurance policy. premiums paid 25,000. cash value 20,000. he cashes in the policy. is it a deductable loss on this policy. thanks Quote
OldJack Posted March 22, 2012 Report Posted March 22, 2012 No deduction as the difference was his cost of life insurance which is not deductible. Quote
Randall Posted March 23, 2012 Report Posted March 23, 2012 1099R should say gross distribution $20,000, taxable amount zero. Quote
grandmabee Posted March 23, 2012 Author Report Posted March 23, 2012 they did not receive a 1099R just a letter saying there was a loss so no 1099R would be coming Quote
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