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How to Declare Your Reverse Mortgage Interest Deduction

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But either way, both of them are paying a dollar to the bank to get this deduction. As long as you need to live in your home, its value is mostly an abstraction. The bottom line: The math never works.

If your home mortgage interest deduction is limited under the rules explained in Part II, but all or part of the mortgage proceeds were used for business, investment, or other deductible activities, see Table 2 near the end of this publication. It shows where to deduct the part of your excess interest that is for those activities.

You’ll likely receive a better interest rate and terms than you would on a reverse mortgage, plus you’ll likely be able to deduct mortgage interest on your taxes. On the downside, you’ll need to pay.

If the house is in your name when you die and the loan is underwater, you protect your estate against loss on sale over and above the interest. to travel. Reverse mortgages are not for everyone The.

With a reverse mortgage, you retain title to your home. Depending on the plan, your reverse mortgage becomes due with interest when you move, sell your home, reach the end of a pre-selected loan period, or die. Interest (including original issue discount) accrued on a reverse mortgage isn’t deductible until you actually pay it (usually when you pay off the loan in full).

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HECM Mortgage Interest Deductions Complexities. It’s a discussion you rarely overhear among reverse mortgage professionals, the tax deduction of interest charged in a home equity conversion mortgage. Perhaps it’s because such scenarios are not typical or it is the inherit complexities of tax law with a unique mortgage instrument.

My last couple of posts, beginning with The Mortgage. potential interest deduction. (If nothing else, it will convince you that the tax implications are complex.) Tom Davison wrote an excellent.

Owning a rental property can return cash and tax advantages in several ways. You should have rental income after direct expenses, insurance, and property taxes, and you can take a depreciation deduction to offset the taxes on that income. Then there’s that all-important mortgage interest deduction.