Reverse Morgage

I recieved a reverse morgage on my house in May 2010


Pay 7800 of it to federal government. Do I have to pay more tax on Federal Income taxes?

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Underwater Mortgage

by Fabian Melgar
(Mount Sinai, NY, USA)

We have an underwater mortgage on a vacation property we want to sell. If we sell at todays prices, we will have to take a $80,000 loss. Is this loss deductible from my federal income taxes? If so, can the deduction be applied over more than one year?

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Upside Down Mortgage, Separation, Job loss

by H
(Francis)

My wife and I separated last September and will be filing for divorce in a few months. The prior months saw me losing my job and we also had to sell our house at a substantial loss due to the housing market. Does the IRS ever lower money that will be owed due to these circumstances?

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