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lacshen
New Member

Where do I enter a reverse mortgage? Where do I find the entries on my reverse mortgage?

How do I enter a reverse mortgage?
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MaryK4
Expert Alumni

Where do I enter a reverse mortgage? Where do I find the entries on my reverse mortgage?

In TurboTax, you generally do not enter a reverse mortgage on your tax return unless you have actually made payments toward the loan balance. Because reverse mortgage payments you receive are considered loan proceeds rather than income, they are not taxable.  If you received a 1098 because you made voluntary payments, you would enter under Home Mortgage Interest.

 

 

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Where do I enter a reverse mortgage? Where do I find the entries on my reverse mortgage?

@lacshen @MaryK4  but even if you did pay the interest, it may not be deductible in any event. 

 

Unless the money borrowed was used to buy, build, or substantially improve your main or second home, the interest is not deductible. 

 

 

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