Hi Pros ,
Good morning, I have had a question over the taxation for foreign life insurance. Thank you for your time.
The father of one of our clients passed away in South Africa, and the client received a certain amount of life insurance proceeds from a local insurance company. The money is still in client's bank account in South Africa; We are now preparing his 2016 tax return, I wonder whether the life insurance benefit is taxable or not.
Thank you again and have a great day.