Is the Interest Charged to Your Reverse Mortgage Tax Deductible? No Payments Means No Deductions. With a reverse mortgage, the homeowner receives. Equity Loan Deduction Limitations. In most cases, the money received from a reverse mortgage will be. Claim on Estate Tax Return. Any deduction on.
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Any interest on a reverse mortgage is not deductible until you actually pay it, which is usually when you pay off the loan in full. However, for reverse mortgages, you can deduct amounts you paid for qualified mortgage insurance. You can deduct any real estate taxes you paid as you would normally.
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The interest that accrues on the mortgage counts as "acquisition debt," meaning you can still deduct it from your taxes each year; this even applies if you used a forward mortgage to buy your house, then refinanced it into a reverse mortgage later.
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Your deduction may be limited because a reverse mortgage loan generally is subject to the limit on home equity debt. However, for reverse mortgages, The interest you pay on a reverse mortgage may be tax deductible in the year you or your heirs terminate the mortgage and pay back the bank, depending on the details of your situation.
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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). Also, a deduction of interest may be limited because a reverse mortgage generally is subject to the limit on home equity debt, which is not deductible unless the proceeds are used to buy, build, or substantially improve the home that secures the loan.
But if you still owe a balance on your current mortgage and refinance with a reverse mortgage, you lose claiming the interest as an annual itemized deduction. The American Association of Retired Persons reports that from 1990 to 2010 lenders issued more than 660,000 reverse mortgages to homeowners age 62 and older.
However, the important caveat to the reverse mortgage interest deduction is that under IRC Section 163(h), the interest is only deductible when it is actually paid. Which is a big deal for a reverse mortgage, because the borrower is typically not making interest (or any payments) on an ongoing basis!