topic SHOULD YOU INCLUDE PMI WITH YOUR MORTGAGE INSURANCE ON YOUR TAXES? in Deductions & credits

SHOULD YOU INCLUDE PMI WITH YOUR MORTGAGE INSURANCE ON YOUR TAXES?

ehills5107 — Sun, 14 Mar 2021 15:04:55 GMT

Re: SHOULD YOU INCLUDE PMI WITH YOUR MORTGAGE INSURANCE ON YOUR TAXES?

JohnB5677 — Sun, 14 Mar 2021 15:17:56 GMT

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

Re: SHOULD YOU INCLUDE PMI WITH YOUR MORTGAGE INSURANCE ON YOUR TAXES?

Carl — Sun, 14 Mar 2021 15:42:26 GMT

Should you include PMI with your mortgage insurance on your taxes?

Ummmmm.... PMI *is* mortgage insurance. That's what "PMI" stands for... "Private Mortgage Insurance". It's in box 5 of your 1098. On the screen that asks for your mortgage interest in box 1, there might be a checkbox that you have to select that reads something like "I paid private mortgage insurance on this loan" or something similar. Checking that box will expose the box where you enter the PMI paid as shown in box 5 of your 1098.