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Is mortgage insurance deductible?

Yes. If the mortgage insurance contract was issued between 2011 and 2015:

  • You can usually deduct mortgage insurance premiums for your personal home. You must have paid the premiums in and allocated them to 2015.
  • You can't deduct payments for 2016.
  • You must allocate any prepaid mortgage insurance to the year it's applied -- not the year it's paid.
  • You can only deduct qualified mortgage insurance premiums paid or accrued during these years on new mortgages.

If you paid more than $600 in mortgage insurance, you should receive a Form 1098.

The amount you can deduct is:

  • Phased out if your adjusted gross income (AGI) is more than  $100,000 -- or $50,000 for married filing separately
  • Reduced by 10% for each $1,000 over the bottom of the phase-out range
  • Eliminated totally if your AGI is more than $109,000 --  or $54,500 for married filing separately


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