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is a loss on a variable annuity deductible?
Can you deduct a loss on a tax-deferred variable annuity (non-IRA) and how do you do it?
For 10 points and a Best Answer vote.
If sold, of course, and the amount received is less than my basis.
3 Answers
- Anonymous1 decade agoFavorite Answer
Yes, you can deduct a loss on a variable annuity. But it is not so simple as one might hope. It is an ordinary loss not a capital loss. And the IRS has issued no specific guidelines on how to deduct the loss. Here is how it has been suggested that it might be done. Use Form 4797 to deduct the loss. Use Part II (ordinary gains and losses) Then move the amount to the front of your tax form under other gains and losses. Line 14 I believe.
- Anonymous1 decade ago
Not unless you SELL it....
