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Mortgage Insurance May Be Deductible on 2009 Tax Returns

by Rae Catanese

in Housing Bill and Tax Credits

If you purchased a home and are paying PMI (Private Mortgage Insurance) you may be able to deduct the mortgage insurance payments on your taxes!
 

Question 1:  I bought my main home in 2008 using a mortgage and I pay monthly premiums for mortgage insurance. Can I deduct these payments?

Answer:  In general, if you itemize deductions, you may deduct premiums paid for mortgage insurance provided by the Department of Veterans Affairs (VA), the Federal Housing Administration (FHA), the Rural Housing Service (Rural Housing), or private mortgage insurers in connection with a mortgage for the purchase of your main home.

The amount you may deduct is limited if your adjusted gross income is more than $100,000 ($50,000 if married filing separately).   No deduction is allowed if your adjusted gross income is more than $109,000 ($54,500 if married filing separately)

Visit the IRS website for more information and forms

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Rae Catanese

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