Yes, mortgage insurance premiums are deductible 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.
Enter your private mortgage insurance premiums in box 5 of your 1098 entry screen:
- With your return open, search for 1098 and select the Jump to link at the top of your search results.
- Follow the instructions and questions.
- Soon, you'll come to the 1098 entry screen. Your PMI/MIP is entered in Box 5 – Mortgage insurance premiums.
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