Cashed in Life Ins Policy

Beachgirl56 Member Posts: 4 Newcomer
edited January 17 in General

We cashed in our ins. policy and received money. Does that need to be included as income even though there are no taxable gains? We were going to pay taxes on it and they told us we did not need too. I don't want to add as income and be taxed if I do not have to. We paid the balance of our mortgage with the money we received. Thanks for the help!

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