Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

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
 
Labels (1)
0 Cheers
4 Comments 4
IRonMaN
Level 15

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,


Ukraine - hang in there
sjrcpa
Level 15

Unless it was an IRA annuity.


Ex-AllStar
Terry53029
Level 13
Level 13

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

sjrcpa
Level 15

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


Ex-AllStar