$27.95 
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
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
