We paid $14,678.00 int. on reverse mortgage loan in 2018. We closed on the loan Oct. 2017. Got credit for interest paid in 2017 return , nothing on our 2018 return.

jndharper · ‎June 4, 2019

Vanessa · ‎June 4, 2019

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

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Vanessa · ‎June 4, 2019

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

We paid $14,678.00 int. on reverse mortgage loan in 2018. We closed on the loan Oct. 2017. Got credit for interest paid in 2017 return , nothing on our 2018 return.