Taxpayers just gave me annual statement for their reverse mortgage that they took out in 5/08. It shows both a mortgage insurance premium and an origination fee. Does anyone know if one or both are deductible?
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Usually no deduction on a reverse mortgage since the taxpayer is not paying the interest. Exception would be on redemption of property by paying the accrued interest and priciple back.In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de Tocqueville
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