Are you wondering about viatical settlement taxes in Fort Lauderdale, FL?

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Are you wondering about viatical settlement taxes in Fort Lauderdale, FL? In most cases, viatical settlements are tax-free if the policyholder is terminally or chronically ill and meets IRS guidelines. However, if the settlement does not qualify under IRS rules—such as when a policy is sold by someone who is not terminally ill—part of the proceeds may be taxable as capital gains or ordinary income. Since Florida does not have a state income tax, only federal tax laws apply. Unsure about your tax liability? Consulting a tax professional can help you understand how viatical settlement taxes may affect your situation.