Hello. I bought a home in 2016 and paid the PMI upfront during closing. This cost amounted to a little over $2000. How do I file for this on my tax return? Thanks
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Hello. I bought a home in 2016 and paid the PMI upfront during closing. This cost amounted to a little over $2000. How do I file for this on my tax return? Thanks

 
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Level 7

Hello. I bought a home in 2016 and paid the PMI upfront during closing. This cost amounted to a little over $2000. How do I file for this on my tax return? Thanks

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Level 7

Hello. I bought a home in 2016 and paid the PMI upfront during closing. This cost amounted to a little over $2000. How do I file for this on my tax return? Thanks

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Highlighted
Level 7

Hello. I bought a home in 2016 and paid the PMI upfront during closing. This cost amounted to a little over $2000. How do I file for this on my tax return? Thanks

You must allocate the premiums over the shorter of the stated term of the mortgage or 84 months, beginning with the month the insurance was obtained. No deduction is allowed for the unamortized balance if the mortgage is satisfied before its term.

To enter PMI:

  • Type in mortgage interest in the search box, top right of your screen, then click the magnifying glass

  • Click the jump to mortgage interest link in the search results

  • Follow to prompts and online instructions

Navigate to the Let's get the details from your lender 1098 now page

Enter PMI in box # 5 Mortgage insurance Premiums


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