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, 2013 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:
  • $100,000
  • $50,000 if married filing separately
• Eliminated if your AGI is more than one of these:
  • $109,000
  • $54,500 if married filing separately