Would somebody be able to explain the tax consequences in this scenario.
An individual age 55 owns a non qualified fixed annuity with a cost basis of 50k and current contract value of 100k in California.
if that individual changes ownership to his father (age 80), what would the tax consequences be if any?
Would basis transfer to the father? Would there be a taxable event to the individual in the year of the ownership change and if so what?
Please help me understand the mechanics around this transaction.. thank you
An individual age 55 owns a non qualified fixed annuity with a cost basis of 50k and current contract value of 100k in California.
if that individual changes ownership to his father (age 80), what would the tax consequences be if any?
Would basis transfer to the father? Would there be a taxable event to the individual in the year of the ownership change and if so what?
Please help me understand the mechanics around this transaction.. thank you
Statistics: Posted by jimmy — Mon Mar 04, 2024 10:07 pm — Replies 1 — Views 179