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Question

Tax Year Prior to 2020: If I changed Reverse Mortgage Companys and received a 1098 from the first mortgage company is the MIP deductible?

Forum|Forum|7 years ago
June 3, 2019
1 reply
17 views

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TurboTax Deluxe Windows

Level 10

Yes. The MIP is deductible.

Any interest on a reverse mortgage is not deductible until you actually pay it, which is usually when you pay off the loan in full. However, for reverse mortgages, you can deduct amounts you paid for qualified mortgage insurance. You can deduct any real estate taxes you paid as you would normally.

For more information, please refer to IRS publication 936, page 5.