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

You don’t report a reverse mortgage until it’s paid off. 

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

@lacshen you do not report a reverse mortgage until you actually pay the interest. Further, it's not deductible unless the money originally borrowed was used to buy, build, or substantially improve your primary or secondary home. 

 

Generally, people tax out reverse mortgages and live off the money payments received each month.  These payments would not be deductible upon repayment of the reverse mortgage.

 

 

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