Reverse Mortgage Interest Deduction

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Are Loan Origination Fees for Reverse Mortgages Tax. – While an origination fee is a percentage of the loan amount, some banks charge a higher interest rate on the loan in exchange for charging a lower or no origination fee. Origination fees for reverse mortgages insured by the Federal Housing Administration are capped at $6,000.

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Publication 936 (2018), Home mortgage interest deduction. – If your home mortgage interest deduction is limited under the rules explained in Part II, but all or part of the mortgage proceeds were used for business, investment, or other deductible activities, see Table 2 near the end of this publication. It shows where to deduct the part of your excess interest that is for those activities.

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 · Similar to a conventional mortgage, some of the costs associated with getting a reverse mortgage are tax deductible, as are any interest payments a borrower might make.. For example, reverse mortgage origination fees and any broker fees can be claimed, says Joe Diaz, owner of American Essential Services, a tax preparation company located in Kissimmee, Fla.

The short answer to your question is yes; the interest on a reverse mortgage is tax deductible.The long answer, however, is that figuring out how much you can deduct and, more importantly, when you can take your deduction is quite complicated and depends on a few important factors.

Are Any Reverse Mortgage Expenses Tax Deductible? – February 7, 2006, Revised December 2, 2008, Reviewed January 27, 2010 "Is interest on a reverse mortgage deductible?" No. Homeowners who take out reverse mortgages can’t deduct the interest from their taxable income because they don’t pay it currently – it is added to the loan balance, which isn’t paid until the house is sold.

Funny how the IRS will tax interest earned in a savings account, that has not been withdrawn, but will not allow the deduction of interest accrued on a reverse mortgage. The owner of the reverse mortgage if they die, will never get to write-off all that accrued interest, while they’re heirs dance away with his windfall.

NAR breaks down cost of House tax plan to homeowners – The Tax Cuts and Jobs Act will slash the mortgage interest deduction in half from $1 million to $500,000. addressed to the U.S. House of Representatives, that H.R. 1 would reverse a century’s worth.

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