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Level 1
December 7, 2019
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Do you have to show a second to die life insurance policy on the 706 of the first spouse to die?

  • December 7, 2019
  • 2 replies
  • 33 views
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Best answer by sjrcpa

Yes. The question asks was there any insurance on the decedent's life, doesn't it?

Whether it is part of the taxable state is another question.

2 replies

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

Yes. The question asks was there any insurance on the decedent's life, doesn't it?

Whether it is part of the taxable state is another question.

The more I know the more I don’t know.
Level 7
December 7, 2019

yes it must be reported. There is a Q about life insurance on decedent.

Who owns the policy?

More interesting is what is value today with 1 death? and who inherits that policy? Will there be estate inclusion on death of #2 of the entire proceeds? Is that an issue?