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Due to a 2017 reverse mortgage refi, can we deduct Mortgage interest/insurance paid from our 2017 IRS tax return because we received a 1098 from the former lender?
We took out first reverse mortgage in 2015 and due to inflation took advantage of a refi with new lender in 2017 still using reverse mortgage, Interest is $9400, Insurance is $10500 on the 1098 reported by the first lender. Our income is more than the total of these deduction amounts. Are we legally allowed to deduct?
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June 6, 2019
8:55 AM
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Deductions & credits
Yes, since you paid off the first reverse mortgage.
Any interest accrued on a reverse mortgage is not deductible until you actually pay it (
usually when you pay off the loan in full). This is what you did when you refinanced.
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June 6, 2019
8:55 AM