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capdadtt
New Member

Can I claim mortgage interest if I've owned the house for 23 years? And..., can I claim real estate taxes of $2,729.42? And box5 says $0 insurance premiums paid? That's

The mortgage companies statement states in box 5 a figure of $0 for mortgage insurance premiums. This makes no sense. My insurance is included in every payment and I am insured.
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jerry2000
Alumni

Can I claim mortgage interest if I've owned the house for 23 years? And..., can I claim real estate taxes of $2,729.42? And box5 says $0 insurance premiums paid? That's

You can claim mortgage interest that you paid on your home. You can deduct property taxes that you actually paid on your home or that your lender paid in the year that the lender paid them. You can NOT deduct mortgage insurance  that was contracted for before 2007. That is not nonsense, it is tax law. See IRS Publication 530.
https://www.irs.gov/publications/p530/ar02.html

Further, homeowner's/hazard insurance for your personal residence is not deductible. Not at all.

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jerry2000
Alumni

Can I claim mortgage interest if I've owned the house for 23 years? And..., can I claim real estate taxes of $2,729.42? And box5 says $0 insurance premiums paid? That's

You can claim mortgage interest that you paid on your home. You can deduct property taxes that you actually paid on your home or that your lender paid in the year that the lender paid them. You can NOT deduct mortgage insurance  that was contracted for before 2007. That is not nonsense, it is tax law. See IRS Publication 530.
https://www.irs.gov/publications/p530/ar02.html

Further, homeowner's/hazard insurance for your personal residence is not deductible. Not at all.
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