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, 2018.
  • 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

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