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Interest on a Reverse Mortgage
A family member will be selling their house in a few months. The gain will be in excess of the $250K deduction allowed to a single person. Various self-proclaimed "experts" have told him that he can add to the basis the interest he has paid over the last 15 yrs. on his reverse mortgage. Anyone out there have an opinion?
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‎February 6, 2025
1:32 PM