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, 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:
- $50,000 if married filing separately
- Eliminated if your AGI is more than one of these:
- $54,500 if married filing separately
What does it mean to be an enrolled agent? Learn more about the roles and requirements of enrolled agent (EA) tax preparers at H&R Block.
Unfortunately, the cost of your engagement ring can't be deducted as a write-off on your personal income taxes. H&R Block tax pros explain why.
What is a CPA, and how can one help you with preparing your taxes? Understand the role of a certified public accountant with the experts at H&R Block.
Looking for virtual tax help with your online filing? Learn more about your options by comparing TurboTax Live to H&R Block Tax Pro Review and Tax Pro Go.