Interest deductions
I have paid off a portion of my reverse mortgage which includes a large amount of interest. Is that interest deductible and can I carry over any of it into the following year?
Quick Answer:
Interest paid on a reverse mortgage is generally not deductible. For mortgage interest to qualify as a deduction, the loan proceeds must have been used to buy, build, or substantially improve your home. Reverse
Note: This answer is provided for convenience only. It is important that you speak to a CPA about your individual tax situation.
