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New Member
posted Jun 6, 2019 12:57:32 AM

We have a reverse mortgage and I have a date and an amount of interest from last year but the rest of the requested info doesn't seem to apply. Any suggestions?

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Level 3
Jun 6, 2019 12:57:33 AM

A reverse mortgage interest is not tax deductible under the new tax laws so you will not enter it at all.  This is treated as a Home Equity Line of Credit now. 

" Any interest (including original issue discount) accrued on a reverse mortgage is considered home equity debt and isn’t deductible" https://www.irs.gov/pub/irs-pdf/p936.pdf