Submitted By: Richard
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.

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Tax Glossary

Provisional income

If your provisional income exceeds a base amount, part of your Social Security benefits may be subject to tax.

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