☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Jan 17, 2024 10:57:16 PM

Acquisition Reverse Mortgage and Paid MIP

My Reverse Mortgage is an acquisition mortgage not a LOC so it qualifies for a federal tax deduction when the MIP and Interest is PAID not accrued.   I paid off MIP and Interest on this mortgage in 2023 and TurboTax Deluxe will not include the MIP as a deduction on my schedule A thus I cannot use the software to file my return unless this error is corrected.  How can I get this corrected?

0 1 189
1 Replies
Level 15
Jan 18, 2024 7:36:36 AM

The itemized deduction for mortgage insurance premiums -- aka MIP, private mortgage insurance or PMI -- has expired, so you won’t be able to claim it on your return.

 

See the TurboTax Help article Can I deduct private mortgage insurance (PMI or MIP)?  and the IRS' Publication 936, Home Mortgage Interest Deduction for more information.