Definition of "Boot"

Charlie Boyd Agent real estate agent
Charlie Boyd Agent, Real Estate Agent Janie Boyd & Associates Real Estate Services LLC

Property or money received as additional consideration in regard to a tax-free exchange of property. If the policyholder receives money in an otherwise nontaxable life insurance policy exchange, the money received will be taxable income to the policyholder. Likewise, if the loan on an old policy is canceled by the insurer when that policy is exchanged for a new policy, the loan amount so canceled becomes taxable income to the policyholder.

 

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