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I was wondering if I paid the taxes on a reverse mortgage,
Good morning, I was wondering if I paid the taxes on a reverse mortgage, is that a deduction on my income tax return … read more
Robin D.
Robin D.
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I have had a reverse mortgage for several years and last
I have had a reverse mortgage for several years and last year I refinanced again with a reverse mortgage. I received a 1098 form … read more
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Dr. Fiona Chen
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Irrevocable Family Trust w/home as its principal asset.
Irrevocable Family Trust w/home as its principal asset. There is a reverse mortgage on the property that is in an individuals name not the trust. Can the mortgage interest be deducted again the trust?… read more
Lane
Lane
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CAN A TAXPAYER CLAIM THE ACCRUED INTEREST ON A REVERSE
CAN A TAXPAYER CLAIM THE ACCRUED INTEREST ON A REVERSE MORTGAGE FOR HIS INCOME TAX DEDUCTION ON SCHEDULE A?… read more
Lev
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I got a form 1098 which showed interest paid of 42000 - this
I got a form 1098 which showed interest paid of 42000 - this plus my other deductions were over 50000 - this exceeds my taxable income - so, does that mean I have 0 taxes?… read more
Lev
Lev
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My reverse mortgage sent me a 1098 showing the amount I paid
My reverse mortgage sent me a 1098 showing the amount I paid insurance premium last year. Can I deduct this amount on my 2014 income tax? The amount is $19,000. Won't this cause an audit?… read more
Lane
Lane
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Doctoral Degree
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I received moneys from a reverse mortgage in 2014. I understand
I received moneys from a reverse mortgage in 2014. I understand that this in Tax deductible . What form do I use to declar it. Linda… read more
Robin D.
Robin D.
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Again, I would like to ask this question. We live in the USA
Again, I would like to ask this question. We live in the USA and we have a reverse Mortgage. Can we deduct all the interest paid (deducted on our account) on the mortgage SO for this tax year, 2012, i… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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Would I have to pay taxes on my deceased fathers HECM, non
Would I have to pay taxes on my deceased father's HECM, non recourse HUD backed reverse mortgage, if the property value is lower than the loan principle?… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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Feb 4 2011 I opened a Reverse Mortgage in 2010 with the following
Feb 4 2011 I opened a Reverse Mortgage in 2010 with the following Settlement Charges and Monthly Fees. Would you please tell me which item numbers are tax deductible and where I should put them on my … read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
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We recently received a modest loan modification on our first
We recently received a modest loan modification on our first mortgage. Our interest rate was reduced from 6.5% to 5.375% for four years, and the amount we had been in arrears was added as interest-fre… read more
Lev
Lev
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2009 We took out a Reverse Mortgage. Can we expense out the
2009 We took out a Reverse Mortgage. Can we expense out the fees to our 1040 itemized expenses? If so, which form/section and fee can be itemized? List of fees: Loan Origination, appraisal, credit rep… read more
Lev
Lev
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Last TAX question. REVERSE MORTGAGE 2006 1040 Uncle
Last TAX question. REVERSE MORTGAGE 2006 1040: Uncle Sam's HECM Reverse Mortgage program (HECM) lender Charged us what they indicted was a LOAN ORIGINATION FEE(s) of about $15000 AND a mortgage insura… read more
Arthur Rubin
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If a senior has an FHA reverse mortgage and would like to pay
If a senior has an FHA reverse mortgage and would like to pay some of it down, is the Mortgage Insurance Premium deductable? Does it have to be amortized over 84 months?… read more
Robin D.
Robin D.
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Can you deduct the deferred mortgage interest assessed that
Can you deduct the deferred mortgage interest assessed that is added to the principal balance of your home loan?… read more
Lev
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1. Can I claim my 21 year old son who went on a church missi
1. Can I claim my 21 year old son who went on a church mission in Oct 2008 as a dependent on my 2008 taxes? I pay for his expenses for the mission. 2. Are MIP fees and Serving Set Aside Fees deductibl… read more
Robin D.
Robin D.
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I re-financed my Reverse Mortgage in December 2008. The mortgage
I re-financed my Reverse Mortgage in December 2008. The mortgage has been in effect since 2006 and I paid ll the accumulated interest at the time of the re-finance. Question: Is this interest tax dedu… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
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I have a Reverse Mortage. Is any interest deductible ...
I have a Reverse Mortage. Is any interest deductible on a yearly basis or only when principle is paid? Optional Information: Santa Fe, New Mexico Already Tried: IRS Bulletins… read more
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Christopher Phelps
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