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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.

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Filed under: Home mortgage Tax law
Attorney answers 2


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

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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.

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