Definition: The word "are insurance proceeds taxable" means that any income or gain received from an insurance policy, regardless of whether it falls within a certain tax bracket (for example, capital gains), is subject to taxation under federal or state tax laws. This includes any dividends, interest, and other forms of income derived from the sale of an insurance policy. The term "taxable proceeds" refers to the portion of these income that is deemed taxable by law, which can include amounts paid to the insurer and any capital gains realized on the sale of the policy.
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