My sister took out a Cancer Insurance policy. have cancer, does she hold to settle up taxes on the money she receive
Answers: It really all depends on how she be making her premium payments. Many times cancer policies are sold thru work.. AFLAC, Colonial, etc.. and paid for by deduct the cost off of the human resources paycheck. If thats the case, and deduction were taken "pre-tax".. later chances are, the benefit will be taxable. If she purchased this on her own, or be paying with after-tax deduction, then no export tax would be due.
Best thing for her, or you since you're helping out, telephone call the insurance company. They should be able to support you.
Everything is taxable..