Is Interest accrued on a reverse mortgage tax deductable?

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2007-05-17 07:26:22 · 2 answers · asked by tfb 2 in Business & Finance ➔ Taxes ➔ United States

Not until the reverse mortgage is paid off. I've included a link that helps explain a reverse mortgage.

2007-05-17 08:20:21 · answer #1 · answered by Anonymous · 2⤊ 0⤋

Mortgage interest is deductible in the year PAID. Accrued interest, by definition, has NOT been paid. Therefore, it is not deductible until payoff.

2007-05-17 18:51:23 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋