$26.95 
Learn more
Submitted By: Richard
Answered: February 10, 2017 9:00 am
Answered: February 10, 2017 9:00 am
Can I take a deduction for my reverse mortgage?
You cannot deduct the interest that accrues on a reverse mortgage until it is actually paid, which doesn’t happen until the mortgage is paid off in full. At that time, the mortgage interest usually is subject to the limitation for home equity debt.
advertisement
Featured Books
Tax Glossary
Deductions
Items directly reducing income. Personal deductions such as for mortgage interest, state and local taxes, and charitable contributions are allowed only if deductions are itemized on Schedule A, but deductions such as for alimony, capital losses, moving expenses to a new job location, business losses, student loan interest, and IRA and Keogh deductions are deducted from gross income even if itemized deductions are not claimed.
