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

    bigboy
    Level 1
    ‎09-23-2022 11:23 AM
     
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    4 Comments 4
    IRonMaN
    Level 15
    ‎09-23-2022 11:27 AM

    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
    Level 15
    ‎09-23-2022 11:39 AM

    Unless it was an IRA annuity.


    The more I know the more I don’t know.
    Terry53029
    Level 15
    Level 15
    ‎09-23-2022 12:29 PM

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

    sjrcpa
    Level 15
    ‎09-23-2022 01:01 PM

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


    The more I know the more I don’t know.






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