npm asked:


If you take a reverse morgage, you get tax free income initially, and then part of the proceeds from the sale go to the financial institution. How does that affect the capital gains (in cases where you have more than the $250/$500k exclusion). For example, let’s say a single person bought a house for $100k and sold it for $400k. Usually, he would have $50k in taxable capital gains ($300k profit less $250k exclusion). If before the sale he took a $100k reverse mortgage, would that eliminate the taxable capital gain?

Julio

Howie asked:


I am US resident but I am planning to buy a home in another country because I travel overseas a lot. I am getting loan from either US bank or local bank out side of US. Can I deduct my mortgage interest on my US tax return?

WILBERT

kenzb asked:


I cannot find a calculator that takes salary, dependants, into the morgage calculation. They assume a tax braket that is constant! This is not right to assume, especially when big morgage payments are 1/3 to 1/2 of the net salary.

FREDRICK

DWIGHT S asked:


first home has two mortgages,if you buy a second home can you claim it on you income tax?

DICK