Reverse Mortgage

TaxDeductions asked: Because of negative amortization I received a 1099 for all the mortgage interest I’ve paid in the past 3 years after I sold my house.

redballoon asked: I own a home right now where I am still paying PMI. I also have a rental property. I would like to take a home equity loan on the rental property to pay-off some of my mortgage so I will not have to pay PMI to my first home anymore. Will the interest [...]

hightechaccountingg asked: We are selling business $500,000 and the basis was 250,000 so we got 250,000 capital gain but in the last 10 year which we had the business. We deduct amortization of 166,660. Are we suppose the count this amortization as an ordinary income or not. thanks

chocolate lady asked: I refinanced my mortgage in 2007, and added the negative amortization to the new loan…..Does that mean I can deduct this amount from my 2007 taxes? Many thanks! v_b: the negative amortization is included in the new loan….isn’t that considered paid???

Curious G asked: I have a retail commercial property. It has 3 store fronts and all three are rented out. I was wondering if I can make extra payments from my personal income toward the property’s mortgage and use the interest paid toward lowering my taxable income on my personal income?

Melissa asked: We were put on the deed of a home while we were “renting to own” (1 yr) then all of a sudden the landlord wanted the rest of the cash. So we got out a home equity loan with the house to pay him what we owed him. Would this qualify us for [...]

Millermom M asked: I recently remortgaged and I took out a “home equity line of credit” along with the refinance. I don’t especially need it and don’t have plans to use it, but as the loan agent put it; “Its free for refinancing with us…. and isn’t it nice to know its there for an [...]

tisaroo asked: A friend needs a home equity loan and needs a co-signer. Can the co-signer write off the interest paid in his/her taxes?

least_likely2 asked: I want to file jointly because we are going to get more refund. But I heard that if we file jointly creditors can come after my wife because of my bad credit. Is this true? Please note that most of my bad credit was before we were married. I only have a couple [...]

Tracey E asked: My boyfriend and I are buying a home together. He will be borrower and I will be co-borrower. He has a federal tax lien. Will it attach itself to the mortgage? How will it effect my rights?