1098 for rental property- Mortgage insurance

[sheilasimon24]

My 1098 for my rental property has $0 listed in box 4 for mortgage insurance. When I look at my escrow summary for the year, however, I see that I paid $692.00 for homeowners/property insurance and $420.84 for Mortgage Insurance Premium (MIP) through 12 monthly escrow payments. Are both of these insurance amounts deductible rental expenses or not since they are not on the 1098 issued by the bank?

[MargaretL · Accepted solution]

Both, homeowners insurance and mortgage insurance for a rental property are deductible rental expenses. While Homeowners insurance is entered as Insurance expense, the mortgage insurance is entered as mortgage interest (see pic).

Deductible expenses also include, but are not limited to:

• Cleaning and cleaning supplies
• Maintenance and related supplies
• Repairs
• Utilities
• Insurance
• Travel to and from the property
• Management fees
• Legal and professional fees
• Commissions
• Taxes and tax return preparation
• Lease cancellation costs
• Advertising
• Real estate taxes
• Mortgage interest

https://ttlc.intuit.com/questions/2569433-what-kinds-of-rental-property-expenses-can-i-deduct

[wstock139]

You say (see pic).  What pic?  Where is it?

[Critter-3]

You posted to a thread that is several years old and the screenshots did not transfer when these posts were migrated to this new forum.