In 2017, my stepfather and I paid off my mom’s reverse mortgage. She died in 2016. The reverse mortgage company sent a 1098 in my mom’s name. Can we deduct the interest?

If we can deduct the interest, do we apportion it based on how much each of us paid for paying off the loan? A complicating issue is that the property is part of a trust that was in my mom's name. I am the inheriting trustee.

posted

Connect with an expert

1 Best answer

Accepted Solutions

In 2017, my stepfather and I paid off my mom’s reverse mortgage. She died in 2016. The reverse mortgage company sent a 1098 in my mom’s name. Can we deduct the interest?

No, in order to claim mortgage interest, the loan needs to be in your name and it must be secured by your home.

Click here for IRS Pub 936 Home Mortgage Interest Deduction

View solution in original post

1 Reply

In 2017, my stepfather and I paid off my mom’s reverse mortgage. She died in 2016. The reverse mortgage company sent a 1098 in my mom’s name. Can we deduct the interest?

No, in order to claim mortgage interest, the loan needs to be in your name and it must be secured by your home.

Click here for IRS Pub 936 Home Mortgage Interest Deduction

Still have questions?

Make a post

Manage cookies

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

In 2017, my stepfather and I paid off my mom’s reverse mortgage. She died in 2016. The reverse mortgage company sent a 1098 in my mom’s name. Can we deduct the interest?

In 2017, my stepfather and I paid off my mom’s reverse mortgage. She died in 2016. The reverse mortgage company sent a 1098 in my mom’s name. Can we deduct the interest?

In 2017, my stepfather and I paid off my mom’s reverse mortgage. She died in 2016. The reverse mortgage company sent a 1098 in my mom’s name. Can we deduct the interest?

Get more help

Do you have a TurboTax Online account?

In 2017, my stepfather and I paid off my mom’s reverse mortgage. She died in 2016. The reverse mortgage company sent a 1098 in my mom’s name. Can we deduct the interest?

Do you have an Intuit account?

In 2017, my stepfather and I paid off my mom’s reverse mortgage. She died in 2016. The reverse mortgage company sent a 1098 in my mom’s name. Can we deduct the interest?

In 2017, my stepfather and I paid off my mom’s reverse mortgage. She died in 2016. The reverse mortgage company sent a 1098 in my mom’s name. Can we deduct the interest?

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert