Solved: 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?
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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.

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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 

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Level 4

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

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