Question

Is there a mortgage insurance premiums deduction I would qualify for on my tax return?

Answer

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:

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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