Deductions about upfront mortgage insurance when moved from FHA to Conventional

[VK435]

Hi

I bought a house year ago with a FHA loan and they was upfront mortgage insurance that was added to my loan around $9000 after a year i refinanced to a conventional loan. Is there any chance that i can deduct this in my tax returns

Thanks

[KurtL1 · Accepted solution]

You will be allowed to deduct in your Itemized Deductions (Schedule A) your Mortgage Insurance Premiums (MIP) on your 2019 return.

The deduction had expired at the end of 2017, but when the Consolidated Appropriations Act of 2020 was signed into law on December 20, 2019 the deduction has been extended through 2020.

The amount of the Mortgage Insurance Premiums should be included on the Form 1098 that you will receive from your lender. When you are entering the mortgage interest,  Box 5 is where you will enter the MIP amount.

If you purchased the home in 2018 you will be able to amend you 2018 return and add this amount to your Schedule A. You will probably need to contact your mortgage lender to obtain the amount as it was not reported to you on your 2018 tax document. How to Amend Your 2018 in TurboTax