You'll need to sign in or create an account to connect with an expert.
Under the new tax laws, interest on a reverse mortgage is not deductible. It is treated as a home equity line of credit.
"Any interest (including original issue discount) accrued on a reverse mortgage is considered home equity debt and isn’t deductible." https://www.irs.gov/pub/irs-pdf/p936.pdf
Under the new tax laws, interest on a reverse mortgage is not deductible. It is treated as a home equity line of credit.
"Any interest (including original issue discount) accrued on a reverse mortgage is considered home equity debt and isn’t deductible." https://www.irs.gov/pub/irs-pdf/p936.pdf
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mpiseter
Level 1
Loudspeaker1999
Level 1
Loudspeaker1999
Level 1
snoblack
Level 2
Deondre17
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.