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Q:
Are there any tax consequences with a reverse mortgage?
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consequences
tax
reverse mortgage
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A. A reverse mortgage is considered a loan, and not income, and as such, the IRS considers them to not be taxable. You should discuss the impact of a reverse mortgage with a professional advisor, such as a tax attorney or accountant.
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Are there any tax consequences with a reverse mortgage?
Related Questions
- A. Because reverse mortgages are considered loan advances and not income, the IRS considers the proceeds ...
- No. Since the government does not consider the funds from a Reverse Mortgage as income, it's not taxable. It ...
- The IRS considers reverse mortgage proceeds to be loan advances, and not income. Therefore the proceeds are ...
- Because, Reverse Mortgage proceeds are considered loan advances and not income, they are not taxable. However, ...
- I believe reverse mortgage payments are classified as "Loan Proceeds" In the 2007 Mi-1040-CR booklet on page ...