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Deductions & credits
a reverse mortgage is considered Home Equity Debt making interest payments nondeductible. Mortgage insurance payments would be deductible for 2020 under P.L. 116-94 IRC 163(h)(3)(E) subject to phaseout. 10% for each $1,000 or fraction thereof that AGI exceeds $100,000 ($50,000 if MFS)
‎February 13, 2021
9:54 AM