We have sisters who are listed as Joint owners on a NQ Annuity with a taxable gain.
The sister who is primary owner is the Annuitant and would like to buy out the joint owner sister and then change the Annuity to her name only and remain as annuitant
The company says we can do this and not trigger taxation of the deferred gain as Annuitant remains the same
Is that correct?
My thought was that a change of ownership triggered the gain.