![]() ![]() When available, premiums for mortgage insurance are usually treated exactly the same as mortgage interest for deduction purposes. The PMI policy's mortgage had to be originated after 2006 the deduction was reduced once your Adjusted Gross Income (AGI) exceeded $100,000 ($50,000 if married filing separately) and completely eliminated with an AGI above $109,000 ($54,500 married filing separately). When the deduction for PMI costs were last regularly available (for MI premiums paid though 2021), there were limitations. ![]() Related: HSH's comprehensive Guide to Mortgage Insurance You can find the current 2022 version of Publication 936 on the IRS website. The official IRS code covering the deductibility of mortgage interest (which currently does not include PMI premiums) can be seen in Publication 936. It is listed in box 5, separate from the mortgage interest you paid (box 1). You can find the amount of mortgage insurance premiums you paid on the Form 1098 that your lender or servicer sends to you each year. That's the case for tax year 2021, but this may change in the future. The tax deduction for PMI premiums (or Mortgage Insurance Premiums (MIP) for FHA-backed loans) is not part of the tax code, but since the financial crisis has generally been authorized by Congress as parts of other bills and "extended" to cover the most recent tax year. The deductibility of PMI premiums has been an on-again, off-again affair for years, but homeowners are out of luck in for tax year 2022, as it's "off" again. If you put down less than 20 percent when you purchased your home, chances are you're paying mortgage insurance. That's the ever-changing answer to the question "Is PMI tax deductible?" ![]()
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