How to Declare Your Reverse Mortgage Interest Deduction

For the other 65%, the deductibility of mortgage interest isn’t relevant. If you have a high standard deduction (e.g., you’re the head of the household), a low to moderate income, or a smaller mortgage, government data suggests that you are less likely to deduct your interest than a high-income individual with a million-dollar home loan.

In addition to the rules to deduct primary residence mortgage interest, there are also rules to deduct interest for investment real estate or to claim interest as a deduction against rental real estate, but those rules are a moot point for a reverse mortgage since a reverse mortgage must be against your primary residence.

Although tax rules are notoriously complicated, the mortgage interest deduction is fairly simple. If you and a fellow property owner need to determine how to split your mortgage interest deduction.

How to Split mortgage interest tax deductions. Every year, your mortgage lender sends you a 1098 showing how much mortgage interest and mortgage insurance premiums you paid. If you pay the.

Any interest (including original interest discount) accrued on a reverse mortgage is not deductible home mortgage interest. See Pub. 936, Home Mortgage Interest Deduction, for more information. 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.

The New Reverse Mortgage | Reverse Mortgage Improved The IRS says "Any interest. accrued on a reverse mortgage is not deductible until you actually pay it, which is usually when you pay off the loan in full." (Publication 936 "Home Mortgage Interest Deduction"). This is an old rule that the IRS established in 1980.

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How to Declare Your reverse mortgage interest Deduction March 1, 2019 By Michael G. Branson 9 comments Similar to a conventional mortgage, some of the costs associated with getting a reverse mortgage are tax deductible , as are any interest payments a borrower might make.

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