"Keep in mind, reverse mortgage professionals are not a tax planners or financial planners, and rules regarding these items are always subject to change." Nevertheless, I offer general guidelines in my book, and in presentations to consumers, regarding both government benefits and taxation.
Posts about Ian Leaf Tax written by ianandrewsnews. Filing a tax extension provides you six extra months to file your tax return-but if you owe taxes, the IRS asks that you even now pay out them by April fifteen (or March fifteen for most businesses).
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Lending Ask the Underwriter: My borrower owes a federal tax debt to the IRS. Is this mortgage deal dead? Here’s how to close that loan
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No – unless you paid off the loan in full. According to IRS Pub. 936 – Home Mortgage Interest Deduction: . Any interest (including original issue discount) accrued on a reverse mortgage is not deductible until you actually pay it, which is usually when you pay off the loan in full.
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