An Annuity was used as collateral on a loan. Does the borrower include the loan amount as income on their Form 1040?

bigboy · ‎09-23-2022

IRonMaN · ‎09-23-2022

Do you report mortgage loan proceeds as income on a tax return? Kinda the same story. Unless the annuity was cashed, they didn't create any income by the transaction,

Slava Ukraini!

sjrcpa · ‎09-23-2022

Unless it was an IRA annuity.

The more I know, the more I don't know.

Terry53029 · ‎09-23-2022

I believe Annuities that are part of an IRA cannot be used as collateral.

sjrcpa · ‎09-23-2022

It is prohibited. Doesn't mean it hasn't been done.

The more I know, the more I don't know.

An Annuity was used as collateral on a loan. Does the borrower include the loan amount as income on their Form 1040?

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