What requires insurance companies to include the mortgagee on loss payments for REAL property(substantial)? As mortgagee (me), their claim is that their only obligation to me is the balance of the mortgage. But they paid the insured more than the cost of the property in seven payments and failed to include my name on any of the payments. Insured took the money and ran (I probably would have to..) because he was better off financially than using the proceeds to restore the property. I learned about the loss (fire) when the insured defaulted on the mortgage and I called the electric company to restore service (couldn’t to a burned out structure). I was clearly listed as mortgagee on the policy. Had a real estate contract that stated that in case of default, all payments became rent and I took back posession of the property. Can they really get away with having failed to include my name on loss settlement payments? I feel that they encouraged the insured (mortgagor) to default on my loan.
Posts Tagged ‘loss’
Surrendering a non-qualified Annuity. Deduct Loss?
Hi -
I have read over a lot of informative help here and elsewhere and really appreciate your sound advice too.
Besides, me being VERY upset about the situation I will attempt to explain my best. Recently, January 29, 2008 I had $112,665.26 in a non-qualified (* money put in that was already taxed =$85,500.00*) variable annuity. My cost basis, actual money put in was $85,500.00. Currently, Nov. 20, 2008 it has approximately $44,000.00 left.
If the market keeps going down I plan to surrender it before the end of the year. If so, is the loss of $68,665.26 declared an ordinary or capital loss ? I have read at this link that the IRS declares it an ordinary loss and I think is capable to be totally written off. The link;
http://www.fool.com/personal-finance/tax…
I really appreciate your help in assisting me with what to do before the end of 2008. The proceeds were to help me take care of my 84 year old mother. I am 50. I hope I DO NOT have to be penalized too.
Please, DO NOT hesitate to contact me. I patiently await your reply.
Thanks,
Cary
PS: Out of courtesy, I thought you should know something. I have had brain surgery as a child. I am BLIND #58059 registered MCforthe blind
and have enough difficulty. My greastest asset is my life, guide dog, mother and wife. They are good to me too. God Bless.
can I take a capital loss write off for a cashed in life annuity policy?
I cancelled a variable life annutity contract after 4 years of contributing with my post tax dollars. Surrender charges were outrageous, can I deduct them as a capital loss?
Do I have to pay any taxes when I sell my stocks at a loss?
I’m going to buy a house in the near future and plan to sell all of my stock for the down payment. I inherited it at the beginning of 2008 when the Dow was around 13,000. It was worth about $790,000 then. Now it’s worth $689,652. Will I have to pay federal or California state taxes when I sell? I have an accountant who will figure it all out for me when the time comes but I need to get a sense now to help me figure out what I can afford. My tax rate is 25% federal, 9.5% state (I think).
Bought condo for 300k, now 200k how do I capitalize on loss?
Bought condo for $300k, it is now worth $200k how do I capitalize on loss?
To get a ordinary loss or a capital loss with a traditional investment like a stock or annuity, you sell it, don’t buy it back for x period of time, and then you are able to declare the amount you lost.
So if I owned my condo outright (no mortgage) I would sell it to a trust or a friend and declare my 100k loss. 300k went in, 200k came out.
Unfortunately I have a mortgage so I don’t think the bank is going to let me re-title the property since I owe about 250k on the books.
Any ideas? Thanks in advance.
THIS IS OFF A TAX SITE
Any asset you hold as an investment (stocks, bonds, real estate, for example) is a capital asset. Of course, you can also lose money when you sell a capital asset: a capital loss.
Can a capital loss reported on a schedule K-1 (form 1065) be used to offset a realized capital gain?
A large capital loss of $150,000.00 is going to be received by me on a schedule K-1 (form 1065) in 2008. If I sell a non qualified variable annuity that I purchased in 1996 and has no surrender charges can I offset the realised gain from the annuity against the K-1 capital loss? Also I am not 59 and a half yet so there will be a 10% IRS penalty for the sale of the annuity, I have been told that only the realised gain is subject to the penalty and not the original investment amount, is this correct? Finally would the 150,000.00 K-1 capital loss qualify me for a hardship exemption so I do not have to pay the 10% penalty?
Tax question: how to report loss on annuity account closed?
I asked the question before, but not satisfied with answer. Here is detail:
I have an annuity accout with metlife.
My cost base is 77,000 and I closed it last yeat with 70,000 remained.
I received 1099- R from metlife and showed above.
I used Turbo Tax and typed all number from 1099-R
1040 , line 16a showed 70,000, 16 b (taxale amount) is 0.
I’m happy with taxable amount is 0. But I actually have loss 7,000.
Turbo Tax didn’t show 77,000 cost base anywhere nor does it indicate the 7,000 loss.
Where to report the 7,000 loss? someome said go to schedule A , line 23; but it’s “other expense” not loss.
Please help!
THIS IS NOT IRA OR ROTH, IT IS ANNUITY EARLY CLOSE.
annuity loss for the year how does it work with your tax return for that year?
if you lose money on your annuity during the year can you take it of your tax return as a loss for the year ?
I bought condo with interest-only payments. Should I sell, refinance, or rent condo to recoup loss?
I’m trying to make the smartest financial move. I bought condo in April 2006. Buying the condo with interest-only payments was not the best move, but I wanted to flip it. However, the market tanked in 2006 and I got stuck with the condo. Yes, I live in the condo. Im living paycheck to paycheck right now. I do have reserve capital saved for a year. The mortgage interest is deductible. Condo is in Florida in a gated community with the best location. 1/1 bed/bath. 626 sq feet. I bought it for 100k. TERMS: Fixed rate at 6.5% on the first mortgage, 80k. $605/monthly. Adjusts after 10 years. 2nd mortgage ARM on 20k. Payments $178 montly. 9%interest.
Thinking of either selling, renting, or refinancing when the market turns around in future. Holding right now. I cant keep making interest-only payments forever! I need an intelligent person to help me make the smartest financial move. I have 9 more years until mortgage adjusts. Should I sell, refinance, or rent in the future? I want to profit $