Your property taxes will not be impacted. Even though an appraisal is done to establish the value of the home, it is never shared with the county for tax purposes, and in the state of California property taxes are based on the initial sales price of the home then adjusted annually subject to annual limits. […]
Archive | Taxes
Do I have to pay income tax on the proceeds from a reverse mortgage?
By Dennis Martin on May 22, 2013 in Q & A, Reverse Mortgage, Taxes
I am not a tax professional but I did find this information on the IRS web site. “ Because reverse mortgages are considered loan advances and not income, the amount you receive is not taxable.” In the next sentence the IRS clarifies that deferred interest on a reverse mortgage is not tax deductible until it is […]