S_bflai
Joined: 7/22/2024
-
RE: Tax on insurance policy
Q1: If I have a foreign life policy I paid 5 years then start collecting 5% (USD 5000) cash value on 6th year of principal (USD 100000) from the policy , Is the income tax of this USD 5000 can be deferred until I surrender the policy? Q2: As my policy is whole life one , Do you mean I can pay the tax after I passed away or still need to pay at year 20 as 100% principal has been taken out?