A qualified mortgage insurance premium is a payment to insure a homeowner’s mortgage payments.
Can mortgage insurance premiums be deducted in 2018?
According to Turbo Tax, the mortgage insurance deduction is not available for the 2018 tax year. Even if the PMI deduction is extended, keep in mind that the standard deduction has been raised to as much as $24,000 for a married couple. If you take that itemized deduction, you can’t write off PMI.
Can mortgage insurance premiums be deducted in 2019?
PMI, along with other eligible forms of mortgage insurance premiums, was tax deductible only through the 2017 tax year as an itemized deduction. That means it’s available for the 2019 and 2020 tax years, and retroactively for 2018 taxes, too.
Can you deduct mortgage insurance premiums?
If certain requirements were met, mortgage insurance premiums could be deducted as an itemized deduction on your return. If your adjusted gross income (AGI) is $109,000 or more for the year, this deduction is not allowed.
What does mortgage insurance premium mean?
Mortgage insurance is paid if you as a borrower were to make a down payment of less than 20 percent on your home loan. It is paid by you, but is used to protect the lender from losses if you were to default on the loan. When it comes to the FHA, borrowers must pay a mortgage insurance premium, or MIP, on the home loan.