If you pay your reverse mortgage in full or have actually made a payment towards interest or MIP during the past year, you will receive a 1098 mortgage interest statement by January 31st, which you may use for tax return purposes. Because most reverse mortgage borrowers do not make any payments on their loan, 1098 mortgage interest statements are typically not sent until the loan is paid in full.
If you did pay any interest on the reverse mortgage this can be reported on your tax return.
How to enter your mortgage interest on TurboTax without a 1098?
- Click on Federal Taxes
- Click on Deductions and Credits.
- Click on I'll choose what I work on (if shown)
- Under Your Home.
- On Mortgage Interest, click on the start or update button.
How do I enter my mortgage on TurboTax?
- Answer all of the questions for entering your deduction.
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