Where in TTB?

[JG EA]

Can you point out where Reverse Mortgages are mentioned in TheTaxBook? I've been doing reading on line at home for a client and couldn't find it quickly when at the office in TTB. Thanks,

[solomon]

Here are some discussions:

http://www.thetaxbook.com/forums/search.php?searchid=1230

[JG EA]

Here are some discussions:

http://www.thetaxbook.com/forums/sea...?searchid=1230

Can't make that address work, but I did search this board and read one thread on reverse mortgages.

OK so here's my question:
If taxpayer was depreciating a shop building for a Schedule C business and now has a reverse mortgage which includes the whole property (house and shop), should we stop depreciating the shop? Or do you just treat the reverse mortgage as debt on the shop and continue to depreciate as you would with another type of debt?

Also, is this statement true, with nothing else to add that I'm not thinking through?

Because nothing is actually paid to the lender there’s no annual interest deduction for most borrowers since most borrowers use the “cash” method of accounting.

[Bees Knees]

It’s no different than taking out an equity line on your house. It is not a sale or an exchange. It is simply new debt you are putting on the house. No sale, no gain or loss, no depreciation recapture. Therefore, you continue to depreciate it as before.

[JG EA]

Thanks Bees - your advice is always valued.

[veritas]

I'm also curious where the

Reverse mortagage material is in TTB?