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Taxes/Reverse Mortgage
I live in TN and I just closed probate on my mothers estate in CA. I sold her house which was the only real property. She had a reverse mortgage that I paid off with a total of interest of approx $60,000. Can I use that interest as a deduction? Or can I use the entire mortgage payoff amount as the deduction?
It is very confusing! :confused: Thanks! |
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Sorry, but no. Assuming you paid off the mortgage with proceeds from the slae of the house, the interest paid is NOT your interest, but rather the estate's interest.
If the estate had to file a fiduciary return (Form 1041) on income earned by the estate during the probate period, the interest would be deductible on that fiduciary return. |
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