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Can I deduct private mortgage insurance (PMI or MIP)?

SOLVEDby TurboTax5438Updated July 27, 2021

Yes, provided you itemize your deductions and the insurance contract was issued after 2006. Once your adjusted gross income (AGI) exceeds $100,000 (or $50,000 for married filing separately), the deduction is reduced. If your AGI exceeds $109,000 (or $54,500 if married filing separately), the PMI/MIP deduction is eliminated altogether.

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