I would like to learn more about the mortgage insurance deduction. Is there a mortgage insurance premiums deduction I would qualify for on my tax return?
Mortgage insurance premiums deduction is only available if all of these are true:
- You paid or accrued it on a mortgage insurance contract issued after Dec. 31, 2011 and before Jan. 1, 2017.
- It's acquisition debt for a qualified residence (new mortgage).
- You itemize your deductions.
However, even if you meet the criteria above, the mortgage insurance deduction will be:
- Reduced by 10% for each $1,000 your adjusted gross income (AGI) is more than one of these:
- $50,000 if married filing separately
- Eliminated if your AGI is more than one of these:
- $54,500 if married filing separately
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So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.