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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.
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With an interest rate of 5.210% on a loan of $286,740.46
With an interest rate of 5.210% on a loan of $286,740.46 what is the payment added to the back end of my reverse mortgage?… read more
Dr. Fiona Chen
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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
Lev
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Purchased New Home on a Reverse Mortgage of $ 150,501 on June
Purchased New Home on a Reverse Mortgage of $ 150,501 on June 31, 2012 plus $ 88,120 Cash. Since then all payments including $ 11,441.88 of interest, MIP charges and Service fees had been added to the… read more
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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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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.
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I have a Reverse Mortgage with Financial Freedom and have held
I have a Reverse Mortgage with Financial Freedom and have held it for some years. It is a very costly procedure b/c each month's charges in my case come to about $462/mo. Of course, this was all expla… read more
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My father has a reverse mortgage are the finance charges deductible.
My father has a reverse mortgage are the finance charges deductible. They are listed as periodic Interest and periodicmip… read more
R. Klein, EA
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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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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
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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
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2009 We took out a Reverse Mortgage. Can we expense out the
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As a single woman, I own my own home now devalued at approximately
As a single woman, I own my own home now devalued at approximately $60,000. Four years ago I put a reverse mortgage on my home. I received a yearly statement from Bank of America, the reverse mortgage… read more
Merlo
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I am a senior citizen with a reverse mortgage. Each monthly
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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
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To obtain a reverse mortage I had to pay an additional fee
To obtain a reverse mortage I had to pay an additional fee to meet the "Available Principal Limit" . In addition, there was a Loan Origination Fee, and a Initial Mortage Insurance Premimum. Are these … read more
Lev
Lev
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I purchased a home in 2008 and closed on 9/26/08. I used an
I purchased a home in 2008 and closed on 9/26/08. I used an FHA loan and was charged an upfront mortgage insurance premium of 1988.50 which is included on my HUD-1 statement (labeled "Upfront MIP Fina… read more
Merlo
Merlo
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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
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