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

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

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