Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Re: Mortgage sharing plan
Mortgage sharing plan
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
MGC94
Level 7
05-31-2022
11:26 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Is this considered income? Here is the link to the website.
How does Unison affect my taxes?
Unison is not a tax advisor and does not provide tax advice. We always recommend that you consult with your tax advisor for personalized advice, and we are certainly happy to speak with him or her directly.
We believe that under current tax law, a homeowner entering into a Unison HomeOwner Agreement should not have to pay taxes on the cash we provide you. Please contact us if you have further questions.
Anyone hear of this before?
Labels
3 Comments 3
qbteachmt
Level 15
05-31-2022
12:34 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
It seems to be a reverse mortgage process. You borrow against the home to create a funded line of credit, which you later repay by the sale of the property. They make lots of money upfront from the closing costs and fees of the agreement.
https://www.unison.com/blog/reverse-mortgage-payments-costs/
The proceeds from borrowing are never taxable income.
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
George4Tacks
Level 15
05-31-2022
02:09 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Answers are easy. Questions are hard!
qbteachmt
Level 15
05-31-2022
04:43 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
That's not really "mortgage sharing," either.
I wonder if they file a lien on the property or retitle the property?
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
