Reverse Morgage Income Tax Question

Reverse Morgage Income Tax Question

Reverse Morgage Income Tax Question

I received 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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Jan 20, 2024
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starstarstarstarstar 		Reverse Mortgage Tax Implications
by: BB

The amount you paid to the federal government related to your reverse mortgage may have different implications depending on the nature of the payment. Generally, reverse mortgage proceeds are considered loan advances and are not taxable income. However, specific details about the $7,800 payment and its purpose would be needed to provide accurate guidance.

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Mortgage Interest

by Dale
(Oregon)

I purchased a very moderately priced condo in 2002. I have not gone long form from that time. Last yr's interest was sbout 3300. Am I loosing that $$ from my refund ? I have not claimed 1040 as I was told my mortgage interest was not enough to file long form. What should I do ?... besides possibly getting my head examined...

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Mortgage Interest Deduction For Rental Property

by George
(Yorba Linda, CA)

Mortgage Interest Deduction

Mortgage Interest Deduction

We needed to move closer to work, so in late 2009 we decided to rent our home and rent an apartment close to work. We had a tenant for all 365 days in 2010. We rented the home for a loss of ~$20,000. My wife’s and my combined income is over $200,000 can we deduct our mortgage interest?

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Mortgage Loan Interest

I live with my parents, I pay the mortgage, property taxes and Insurance. My name is on the property taxes, insurance and the deed, but not on the loan. Can I still claim the mortgage interest if my father wants me to?

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Mortgage Tax Paid By Servicing Company

by Maurice
(new port richey fl.)

in 2010 i , for most of the year was not making a mortgage payment, because i was near foreclosure. The servicing company made my payments and added them back into the loan. Then modafied the loan. The tax was paid on my behalf. can it still be a deduction ?

thank you
maurice
mk1926@hotmail.com

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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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