If the mortgage insurance contract was issued between 2008 and 2012:
You can usually deduct mortgage insurance premiums for your personal home. You must have paid the premiums in and allocated them to 2012.
You can't deduct payments for 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.
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This advice is for general information purposes only and may not apply to you. Every tax situation is different. This is not intended to be legal advice. Taxpayers should consult an H&R Block Tax Professional regarding their individual tax situation.