We estimate the reddening and distance of the nearest starburst galaxy IC 10 using deep near infrared $JHK_{S}$ photometry obtained with the Multi-Object InfraRed Camera and Spectrograph (MOIRCS) on the Subaru telescope. We estimate the foreground reddening toward IC 10 using $UBV$ photometry of IC 10 from the Local Group Survey, obtaining $E(B-V)=0.52pm 0.04$ mag. We derive the total reddening including the internal reddening, $E(B-V)=0.98pm 0.06$ mag, using $UBV$ photometry of early-type stars in IC 10 and comparing $JHK_{S}$ photometry of red giant branch stars in IC 10 and the SMC. Using the 2MASS point source catalog of 20 Galactic globular clusters, we derive a relation between the metallicity [Fe/H]$_{CG97}$ and the slope of the red giant branch in the $K_{S}- (J-K_{S})$ color-magnitude diagram. The mean metallicity of the red giant branch stars in IC 10 is estimated to be [Fe/H]$_{CG97}=-1.08pm0.28$. The magnitude of the tip of the red giant branch (TRGB) of IC 10 in the $K_{S}$ band is measured to be $K_{S,TRGB}=18.28pm0.01$. Based on the TRGB method, we estimate the distance modulus of IC 10 to be $(m-M)_{0}=24.27pm0.03{rm (random)}pm0.18{rm (systematic)}$, corresponding to the distance of $d=715pm10pm60$ kpc. This confirms that IC 10 is a member of the Local Group.
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