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Gifted whole life surrender and taxes
Gifted whole life surrender and taxes Grandparents purchased a whole life insurance policy for me as a child through a local insurer. I surrendered it instead of taking up the payments upon their passing in 2024. I received a few thousand dollars back and tax time is here. I don't know the total premiums contributed before going to my CPA. Can anyone tell me if I need to pay taxes ...
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