Mortgage insurance premiums. If you paid a lump sum premium for mortgage insurance from the VA or the Rural Housing Authority (called a funding fee) that is deductible in the year you close. Other lump sum mortgage insurance premiums must be spread out over 84 months and deducted when you make your monthly mortgage payment so you would not have a deduction this year. Your bank is supposed to put allocated lump sum PMI on the 1098 but not all do. If your bank did not, you can enter the premiums yourself. Be aware that turbotax does not keep track of the 84 month deduction, you need to do that yourself. And the mortgage insurance deduction also has an income limit so not every one will qualify.
