can I purloin a possessions loss write sour for a cashed within existence annuity policy?
I cancelled a variable time annutity contract after 4 years of contributing with my post charge dollars. Surrender charges were outrageous, can I subtract them as a capital loss?
Answers:
I know that it is a miscelleneous itemized deduction, subject to the 2% floor. You really involve to see a CPA as this loss may not be recoverable. There are certain circumstances where on earth other rules may apply. Annuities are not investments, they are life insurance contracts. They exist to guarantee you an income for existence so that you cannot outlive your investments.