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 1000 your adjusted gross income (AGI) is more than one of these:
- 100000
- 50000 if married filing separately
Eliminated if your AGI is more than one of these:
- 109000
- 54500 if married filing separately

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