How to Declare Your Reverse Mortgage Interest Deduction

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Discover the Benefits of a Reverse Mortgage Line of Credit Deduct home mortgage interest that wasn’t reported to you on Form 1098 on Schedule A (Form 1040), line 11. If you paid home mortgage interest to the person from whom you bought your home, show that person’s name, address, and taxpayer identification number (tin) on the dotted lines next to line 11.

Reverse Mortgage Rules. The key to the mortgage interest deduction, however, is that it applies to interest paid in the tax year the deduction is claimed. No payments are required on a reverse mortgage. Borrowers are allowed to make interest and principal payments, however. Any interest payments that are made may be deducted in the same year.

Revenue Ruling 80-248 deals with the tax year of deduction for most reverse mortgage borrowers, not its deductibility since it precedes such change in the 1987 Tax Act (which like all subsequent tax acts, amends the so called "1986 Internal Revenue Code") where limitations were first made to home mortgage interest.

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– Interest deduction on reverse mortgages. Because reverse mortgage borrowers are not required to make interest payments until the loan becomes due and payable, deducting mortgage interest from a reverse mortgage presents an opportunity for borrowers to leverage these loans in a way that could be beneficial to their particular tax situation. For.

When you stop paying your mortgage, you stop paying home mortgage interest. As such, you lose this deduction. When this.

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CFPB Wants New Mortgage Origination Rules on Points, Fees – The new rules under consideration, which the agency anticipates will be proposed this summer and made final in the beginning days of 2013, specify a required an interest rate deduction when. agency. The Reverse Mortgage Interest Tax Deduction .

Thus, while you can write off all (in most cases) of the interest on your conventional mortgage when you file your taxes every April, you can’t include interest on your reverse mortgage. Instead, reverse mortgage interest can only be deducted when the loan matures.

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