Can you tell me if my VA funding fee is deductible or is there an income threshold associated

sbarca · ‎June 6, 2019

JulieM · ‎June 6, 2019

The VA Funding fee on the purchase of a personal residence is entered as an itemized deduction on Form 1040 Schedule A for Mortgage Insurance

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Under Your Home
On Mortgage Insurance, click the start or update button

Per IRS Limit on deduction. If your adjusted gross income on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be eliminated

When adjusted gross income (AGI) reaches or exceeds $109,000 ($54,500 if married filing separately) the deduction is eliminated

See https://www.irs.gov/publications/p936/ar02.html#en_US_2015_publink1000296058

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JulieM · ‎June 6, 2019

The VA Funding fee on the purchase of a personal residence is entered as an itemized deduction on Form 1040 Schedule A for Mortgage Insurance

Click on Federal Taxes (Personal using Home and Business)
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Under Your Home
On Mortgage Insurance, click the start or update button

Per IRS Limit on deduction. If your adjusted gross income on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be eliminated

When adjusted gross income (AGI) reaches or exceeds $109,000 ($54,500 if married filing separately) the deduction is eliminated

See https://www.irs.gov/publications/p936/ar02.html#en_US_2015_publink1000296058

Can you tell me if my VA funding fee is deductible or is there an income threshold associated