Cash Value Loans
What taxation consequences would one see if they took a loan from a cash value policy and did not pay it back within the 1st year?
What taxation consequences would one see if they took a loan from a cash value policy and did not pay it back within the 1st year?
Permalink Submitted by Alan - IRA critic on Mon, 2013-05-06 17:40
The loan and interest due on the loan reduce the cash value of the policy. There are no current taxes due and the loan interest is not deductible.