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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.
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Tax Glossary
Lump-sum distribution
Payments within one tax year of the entire amount due to a participant in a qualified retirement plan. Qualifying lump sums may be directly rolled over tax free, or, in some cases, are eligible for current tax under a favorable averaging method.
