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Small Business Tax Deduction Strategies: 10 tips on Section 179, home office write-offs for the self-employed, tax deductions for vehicles, rental depreciation, real estate capital gains and more!
Small Business Tax Deduction Strategies: 10 tips on Section 179, home office write-offs for the self-employed, tax deductions for vehicles, rental depreciation, real estate capital gains and more!
1 Response to "The tax spin on reverse mortgages"
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- The tax spin on reverse mortgages
The tax spin on reverse mortgages
- By Small Business Tax Strategies
- 10/21/2009 - 5:00pm
- Small Business Tax
Small Business Tax Strategies
Smart small business owners save thousands of dollars per year on their personal and business taxes by taking advantage of the legal loopholes that the government creates for their unique tax situation. Small Business Tax Strategies cuts through tedious tax code to reveal the bonanza of completely legal opportunities to grow personal wealth and secure an enjoyable retirement. Learn more about Small Business Tax Strategies and the two free reports you’ll get when you subscribe...
Q. My father is contemplating a reverse mortgage. Will he have to pay tax on the deal? E.C., Indianapolis
A. No. With a reverse mortgage, the homeowner generally receives payments or a lump sum from a lender based on age and life expectancy, the current value of the home and other factors. The payments are treated as a tax-free return on investment. But the loan must be repaid, with interest, when the homeowner moves, sells the home or passes away.
Tip: A reverse mortgage typically comes with strings attached, although the 2008 housing law limits such fees.
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1 Response to "The tax spin on reverse mortgages"
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said this on 22 Oct 2009 10:54:09 AM EST
This is the only way I know of to receive tax free money with no payments due as long as home is the primary residence.
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