Is there a mortgage insurance premiums deduction I would qualify for on my tax return?
A mortgage insurance premium deduction is only available if all of these are true:
- You paid or accrued premiums on a qualified mortgage insurance contract issued after Dec. 31, 2006.
- The mortgage is acquisition debt for a qualified residence (a new mortgage).
- You itemize your deductions.
However, even if you meet the criteria above, the mortgage insurance premium 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
The mortgage insurance premium deduction is available through tax year 2020. Starting in 2021 the deduction will not be available unless extended by Congress.
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