Indicate whether each of the items listed below would be (a) included in gross income or (b) excluded from gross income for the 2019 tax year.
-Life insurance proceeds received upon the death of a family member
A)Included
B)Excluded

Question

Quizplus · Accepted Answer

Life insurance proceeds received upon the death of a family member are generally excluded from gross income, as they are considered to be received as a result of the death of the insured person and not as income earned by the recipient.

Indicate Whether Each of the Items Listed Below Would Be