Monthly Archives: March 2010

Reverse Mortgages – Taxable? Deductible?

Question:   Are the amounts a taxpayer receives from a “reverse mortgage” taxable?  Deductible? Answer:   NO to both.  Interest on a reverse mortgage loan added monthly to the outstanding loan balance as it accrues is neither taxable in a cash method lender’s … Continue reading

Posted in Income Tax | 1,654 Comments

Work Clothes Deduction

Are Work Clothes a Deduction?  Generally yes if they are work clothes or uniforms if required and NOT suitable for everyday use.  That deduction would include the cost and upkeep if both requirements are met. If I purchase a nice … Continue reading

Posted in Income Tax | 4,273 Comments