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    #1

    Reverse mortgage interest paid

    This is the first time I have run across this situation.

    TP inherits house, does not occupy it & sells house.
    Reverse mortgage is paid off including $74,000 of interest.
    What is the character of this interest & where would you report it?
    Sdhedule A line 10 or 14?
    Or include on schedule D as selling expense?
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    #2
    Investment interest?

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      #3
      Strictly off the top of my head, I'd add it to the basis of the house in calculating the gain or loss on an inherited asset. But don't fill out any forms based on my input alone - I'm interested in seeing what others say about it.
      "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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