In Reply to: Re: Where on the 1040 does one claim a loss on a variable annuity contract posted by John D. Gregory on 12/10/03:
The link to the BNA web site displaying the original letter about deducting losses on a surrendered annuity contract on Page 1040 line 14, instead of Sch A was in my very first post Yesterday on message number 916
I will repeat the web site here for anyone who missed it on the first reading. You may have to copy and paste the URL to your web browser.
http://www.bnatax.com/tm/insights_annuitycontracts.htm
The letter was written by By Michael Benton and Robert S. Keebler, with the firm of Virchow, Krause & Company, LLP, Milwaukee, WI
The loss would be deductible under Section 165(c)(2) as a transaction of “losses incurred in any transaction entered into for profit, though not connected with a trade or business”.
