Question

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?

Answer

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, 2012 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:
  • Eliminated if your AGI is more than one of these:
    • $109,000
    • $54,500 if married filing separately

Related Topics

Related Resources

What’s the Difference? Enrolled Agent vs. CPA

What’s the difference between an enrolled agent (EA) vs. a certified public accountant (CPA)? Explore the roles of EAs and CPAs at H&R Block.

What Is Virtual Tax Preparation?

Virtual tax preparations let you complete your taxes online from the comfort of your home. Find out how easy remote tax preparations can be at H&R Block.

Common Tax Questions Roundup

Here are the top tax questions our professionals got this year – with answers for you! How can you use this? Read on to get answers from H&R Block.

How Does Changing Jobs Affect Your Tax Return?

Changing jobs can come with tax implications like job search and moving expense deductions. Learn more about these potential benefits at H&R Block.