Reverse Mortgage

Geazy asked: I’m being told by my morgage broker that yes it is. Since i’m legally obligated to pay that money back that I can deduct it. I have over 15k in deferred interest and make a huge difference in my return. Anyone know about this or has anyone deducted this on there returns.

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P-Dawg asked: We will be remodeling/adding on to our home and want to do a cashout on the first mortgage (of around $60,000) and then do a 2nd (Equity loan) for the rest…does doing this put us at greater risk for having to pay AMT taxes and if so, in what way (which lines in [...]

jewel asked: I do my own taxes every year, but this year I have a question. I refinanced my mortgage in the spring. Had a significant amount of equity and decided to “cash out” some of my equity to help pay off some outstanding debts (car, student loan, credit card balance) and kept some to [...]

jewel asked: I do my own taxes every year, but this year I have a question. I refinanced my mortgage in the spring. Had a significant amount of equity and decided to “cash out” some of my equity to help pay off some outstanding debts (car, student loan, credit card balance) and kept some to [...]

quest asked: I know that you can use itemized deductions on federal taxes, for the mortgage insurance paid, and property taxes paid. 1. Are there any other itemized deductions which can be claimed on federal forms? 2. Are there any deductions that I can claim on State forms? Thanks. I am considering moving to either [...]

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 [...]

Leo asked: If a person carries a home loan in other country (other than US) is there any tax deduction(relief) given by IRS ? A part of his earning in US is being used to pay home loan EMI in other country.Create a video blog

dreucla23 asked: This up-front mortgage insurance premium (MIP) was rolled/financed into my loan. And if they are tax deductible, do I deduct all of it on the tax year I closed on my home? Or do I have to spread out the deductions over the lifetime of the loan? Also, please provide a reference with [...]

unhappy asked: I’m speaking in terms of if we were to file separate tax returns.. married filing separately.. would we split the amount we paid in half?Content for WordPress