charitable deduction??

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  • joanmcq
    Senior Member
    • Jun 2007
    • 1729

    #1

    charitable deduction??

    Man bought life insurance on his mom. He was the owner of the policy, but named the grandkids and her church as the beneficiaries. His agent is telling him he, as owner of the policy, can take a charitable dedcuction for the $20,000 that went to the church. All I can find is examples of the owner being the deceased, and the estate getting a deduction, but also having to include the income as part of the estate. So does he get a deduction, but not have to claim income, or get a deduction without claiming income, or neither?
  • ChEAr$
    Senior Member
    • Dec 2005
    • 3872

    #2
    Are you saying

    Originally posted by joanmcq
    Man bought life insurance on his mom. He was the owner of the policy, but named the grandkids and her church as the beneficiaries. His agent is telling him he, as owner of the policy, can take a charitable dedcuction for the $20,000 that went to the church. All I can find is examples of the owner being the deceased, and the estate getting a deduction, but also having to include the income as part of the estate. So does he get a deduction, but not have to claim income, or get a deduction without claiming income, or neither?
    that mom is now deceased, giving rise to the payoff?

    Anyway, no matter how you slice it, he gets no deduction. AFter all, the 20,000
    wouldn't be income to him anyways.
    ChEAr$,
    Harlan Lunsford, EA n LA

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