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If I get a reverse mortgage on my property and no longer…

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If I get a reverse mortgage on my property and no longer make payments how will it affect my tax liability.

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My wife is working full time between the two of us we make about 75,000 a year. we are paying $6934 in interest which we will no longer have. How will it affect my taxes?

Submitted: 7 months ago.Category: Tax
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Answered in 7 minutes by:
9/23/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 7 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,189
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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HI, MY NAME’S LANE - I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

...

The only effect will be that (if you were itemizing and deducting the interest) the tax bill will go up by the amount of the tax rate at which you are being taxed. Here are the rates for Married Filing Jointly.

...

[Tax Rate Schedule Y-1, Internal Revenue Code section 1(a)] Married Filing Jointly 2017 Tax Brackets

Taxable Income ......Tax Bracket:

$0-$18,650 ............. 10%

$18,651-$75,900 ..... 15%

$75,901-$153,100 .... 25%

$153,101-$233,350 .. 28%

$233,351-$416,700 .. 33%

$416,701-$470,700 .. 35%

$470,701+ .............. 39.6%

...

As you can see your marginal bracket is 15%, so the increase in tax without that deduction would be 6934 x .15 = 1040

...

That is, of course, an annual number. Your not making payments any longer should cover that pretty quickly

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 7 months ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

Lane

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