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I inherited annuities from my dad — how can I avoid being double taxed?

·3 min read
I inherited annuities from my dad — how can I avoid being double taxed?

Q.: Hi Dan, I am the beneficiary of several nonqualified annuities that my father had. The companies holding these annuities are saying that the cost basis is undetermined. How can I avoid being double taxed on the amount my father paid for these annuities with after tax money?