Get
Answers

Finding answers to your tax questions is now less taxing.

Get Answers To Your Tax Questions

H&R Block Tax Professionals relentlessly focus on making sure you profit from every deduction and credit available.

Is mortgage insurance deductible?

Yes. If the mortgage insurance contract was issued between 2009 and 2013:

  • You can usually deduct mortgage insurance premiums for your personal home. You must have paid the premiums in and allocated them to 2013.
  • You can't deduct payments for 2014.

You must allocate any prepaid mortgage insurance to the year it's applied -- not the year it's paid.

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

The deduction of qualified mortgage insurance applies only to premiums paid or accrued during these years on new mortgages.

The amount that 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

 

Look At Your Life Through Taxes

No matter which life stage you're in, H&R Block has the tools and resources to help you understand how taxes impact your life. It's our Purpose. We look at your life through tax... and find ways to help.

Tax Calculators

Estimate your withholdings, calculate your refund, or find out how health care laws may impact you.

Browse Tax Articles

Looking for articles written by the pros at H&R Block? Search our article database to find answers to all of your tax related questions.

Offer Details and Disclosures