JohnB5677
Expert Alumni

Deductions & credits

Yes, they are usually listed in box 5 of your form 1098.

 

In 2019 not only did the PMI deduction become available again for eligible homeowners for the 2020 and future tax years, but also enables taxpayers to take it retroactively for the 2018 and 2019 tax years by filing amended returns.

 

However, if your adjusted gross income (AGI) is over $100,000, then the PMI deduction begins to phase out.

 

Between $100,000 and $109,000 in AGI, the amount of PMI you can claim is reduced by 10% for each $1,000 in increased income. Once you hit $109,000 in AGI, you are no longer eligible to claim a PMI tax deduction.

 

Please see the IRS statement on PMI Deductibility

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