Anonymous
Posted on: 28th Jul, 2005 01:31 am
do I have any tax liability if i take reverse mortgage?
Hi Frederick
Welcome to the forums.
The Internal Revenue Service does not regard the loan advances in a reverse mortgage as a taxable income. So taxes are not charged on it. The interest charged is not deductible until it is paid off, that is, at the end of the loan period. But even then I would advise you to consult a tax advisor who can guide you further.
Wish to receive your feedback soon.
Regards,
Jessica.
Welcome to the forums.
The Internal Revenue Service does not regard the loan advances in a reverse mortgage as a taxable income. So taxes are not charged on it. The interest charged is not deductible until it is paid off, that is, at the end of the loan period. But even then I would advise you to consult a tax advisor who can guide you further.
Wish to receive your feedback soon.
Regards,
Jessica.
