Reverse mortgage accrued interest deductible - 2004-01-24
Several months ago you printed a letter from someone who said that, as heirs to his parents' estate, he and his brother are allowed to deduct the accrued interest on the reverse mortgage on the inherited estate when the mortgage was paid down.
My aunt had a $170,000 reverse mortgage on her home when she died in June 2003. Her house was sold and the reverse mortgage was paid off. I am one of four heirs. Am I able to claim one-fourth of the accrued interest on my income tax return?
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