We have a reverse mortgage. Can we deduct the interest that is accrued for the year and added to the mortgage balance?

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No - unless you paid off the loan in full. According to IRS Pub. 936 - Home Mortgage Interest Deduction:

Any interest (including original issue discount) accrued on a reverse mortgage is not deductible until you actually pay it, which is usually when you pay off the loan in full.

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Schedule E: No expenses are deductible because we didn't rent it and used it for ourselves. Do we have to report the expenses?

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We have a reverse mortgage. Can we deduct the interest that is accrued for the year and added to the mortgage balance?

We have a reverse mortgage. Can we deduct the interest that is accrued for the year and added to the mortgage balance?

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We have a reverse mortgage. Can we deduct the interest that is accrued for the year and added to the mortgage balance?

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We have a reverse mortgage. Can we deduct the interest that is accrued for the year and added to the mortgage balance?

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