Kathryn W. asked
As a US resident and taxpayer, I have a Swiss life insurance policy with an initial lump sum payment, a predefined duration, and yearly interest credited based on a contractually defined rate, plus an additional sum depending on the insurance company's results. At the end of the predefined period, the initial payment plus interest and the extra sum will be paid back. Do I need to report the 'virtually credited' sums on my tax return every year, or can I wait until the final payment and report the difference between the original payment and the final one in the payment year?
February 6th, 2023
Dennis F. answered
Interest credited to your insurance policy is taxable and should be reported annually, even if it is...
February 6th, 2023
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