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When filling out an insolvency worksheet for the IRS.

Arlington, TX |

If your home has a reverse mortgage do you count the full value of your home as an asset or just the balance you would receive after you repay the reverse loan.

Attorney Answers 2

Posted

I have moved your question to the tax forum. Hopefully you'll get more responses there. Good luck.

Your question has been answered as a courtesy. This is not paid legal advice. Nothing in this communication is intended to create an attorney-client relationship. Unless expressly stated otherwise, nothing contained in this message should be construed as a digital or electronic signature, nor is it intended to reflect an intention to make an agreement by electronic means.

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Posted

You should report the full value of the home as an asset, and also report the balance of the debt on the house, and that will give you the net equity you have in the house. You shouldn't just report the net equity value without showing both the current value of the house and the amount of the debt secured by the house separately.

My answer does not constitute legal advice and may not be relied upon by anyone for any purpose and does not constitute an attorney/client relationship or an offer to form such a relationship. This disclaimer is intended to be fully compliant with the requirements of Treasury Department Circular 230 and the terms thereof are fully incorporated by reference. If you wish to consult with me please contact me at dana@nytaxcounsel or visit my website at www.nytaxcounsel.com

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