topic Re: Should we have been asked about our mortgage insurance costs this year or does tat fall under the standadrd tax deduction umbrella? in Deductions & credits

Should we have been asked about our mortgage insurance costs this year or does tat fall under the standadrd tax deduction umbrella?

laboubeelizabeth — Thu, 23 Jan 2020 00:19:38 GMT

Re: Should we have been asked about our mortgage insurance costs this year or does tat fall under...

ColeenD3 — Thu, 23 Jan 2020 00:30:49 GMT

PMI is no longer deductible. It would have been included in Itemized Deductions so if you take the Standard Deduction, you don't need to worry about it.

Re: Should we have been asked about our mortgage insurance costs this year or does tat fall under the standadrd tax deduction umbrella?

JustFacts — Thu, 23 Jan 2020 01:11:48 GMT

PMI Is now deductible for 2019 and 2020 and retroactive for 2018. See article below to see if you qualify

https://www.creditkarma.com/tax/i/is-pmi-tax-deductible/#a

Re: Should we have been asked about our mortgage insurance costs this year or does tat fall under...

MarilynG1 — Thu, 23 Jan 2020 01:24:17 GMT

To enter your PMI mortgage insurance, type '1098' in the Search area and then 'Jump to 1098'.

After you enter the Mortgage Interest from box 1 of your Form 1098, the next screen has places to enter additional information from the 1098, including mortgage insurance premiums.

You are correct that this is an itemized deduction that you may not be able to take advantage of; however, you may want to enter it anyway for your records.