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Showing content with the highest reputation on 08/24/2024 in all areas
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One way to do it is to use the IRS calculator. irs.gov/individuals/tax-withholding-estimator Otherwise, doing it on the form is enough to drive Einstein up the wall.4 points
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I agree. The rule that proceeds must be used to "buy, build, or improve" would apply. It is possible that some may be deductible if the owner used some of the funds for renovations, for example to make the property more livable during aging, handicap accessible, or for upgrades/modernization. Also, the lender may have required some improvements be made in order to qualify for the loan too.2 points
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Agreed. You can do that with IRA distributions.2 points
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On a SS W-4V, you can elect to deduct 7, 10, 12, or 22 %1 point
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I disagree, most reverse mortgage are used as income replacement which does not qualify as deductible interest, unless the proceeds were used to improve the property. The amount in box 5 may be reverse mortgage origination fees?1 point