☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Feb 16, 2022 10:57:33 AM

Reverse Mortgage

Why is it that Turbo Tax does not cover Reverse Mortage information. At least a paragraph or two to tell us why you find it unnecessary to inform the uninformed. If nothing is required to save on taxes or the IRS doesn't require anything please say so.

0 1 224
1 Replies
Level 15
Feb 17, 2022 11:30:41 AM

simple even if you pay interest, it's likely not deductible.

  • Interest (including original issue discount) accrued on a reverse mortgage isn't deductible until you actually pay it (usually when you pay off the loan in full). Also, a deduction of interest may be limited because a reverse mortgage generally is subject to the limit on home equity debt, which is not deductible unless the proceeds are used to buy, build, or substantially improve the home that secures the loan. For information on deducting mortgage interest and the debt limit that applies, see Publication 936, Home Mortgage Interest Deduction.