Get Answers To Your Tax Questions
H&R Block Tax Professionals relentlessly focus on making sure you profit from every deduction and credit available.
Finding answers to your tax questions is now less taxing.
Is mortgage insurance deductible?
Yes. If the mortgage insurance contract was issued between 2009 and 2013:
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: