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Old 03-22-2015, 05:13 PM
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1041 & Is the Reverse Mortgage Interest of decedent reported on 4952

Decedent had reverse mortgage when she passed away. The home was in her living trust. The home was sold in December 2014 by the trustee and the sale was reported under the trust EIN>

Received a 1098 for the reverse mortgage interest, but it has the decedents
social security number.

My tax preparer said we can use the interest deduction on form 4952 for the trust 1041, even though the home was never occupied by a beneficiary or rented out. This deduction will result in a loss carryover which will be passed on to the beneficiaries on the k-1 2015 return. There were no distributions to beneficiaries in 2014.

Can we take the reverse mortgage interest expense on the trust 1041. I have searched the IRS website, can't find a clear answer.

Last edited by TRUSTEE : 03-24-2015 at 07:49 PM. Reason: clarify

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