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Topic: UK endowment policies?  (Read 1928 times)

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UK endowment policies?
« on: March 29, 2012, 05:58:01 AM »
How is a UK endowment policy taxed by the IRS when owned by a US citizen. Such policies have monthly payments and then pay out a lump sum after a specified term and have favourable UK tax treatment. But do they have tax sheltered status in the US and when they mature how is the lump sum taxed in the US?
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Re: UK endowment policies?
« Reply #1 on: March 29, 2012, 07:53:21 PM »
It was some years ago now that I cashed out an endowment policy. My CPA,(from what I can remember), filed schedule B, 1116 and FBAR.
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Re: UK endowment policies?
« Reply #2 on: March 29, 2012, 09:34:03 PM »
Quote from: Barcrest on March 29, 2012, 07:53:21 PM
It was some years ago now that I cashed out an endowment policy. My CPA,(from what I can remember), filed schedule B, 1116 and FBAR.

OK, I'm also interested in how they are dealt with by IRS before they pay out.
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