Foreign life insurance proceeds

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#1
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Joined:
17-Jan-2017 2:14pm
Location:
Arlington VA United States
Hi Pros :geek: ,

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.
 

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