reported as a capital gains, it seems to me that since I have paid more than the policy' va lue over the years it would be a capital loss.
Hi Granpappy1,
It is possible to have a capital gain, but in your case where you are getting less than your premiums (payments), you are only getting a return of your premiums. A loss is NOT generally deductible in cases like this.
Look for some form or letter from the insurance company in the coming tax year.
Thank you, I was not trying to file as a capital loss, only not having to pay a couple of thou up front. Again I thank you and if you have any thing else to advise, it would be appreciated.
