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Tax On Loan |
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Dear Edith, Would I have to pay income taxes on the money I received from a reverse mortgage? I currently pay no taxes as all my income is from social security and is not that much. I don't want to have to pay the taxes. I feel that would be taxing my own money |
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Loans are not considered taxable income, because you're going to pay them back. The money you receive on a traditional mortgage is not taxed, and neither are the checks you'll get from your reverse mortgage |
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Edith
Originally published on February 20, 2005 |
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