Is reverse mortgage PMI deductible? It is on my HUD 1 statement but I haven't received any forms from the bank. If it is deductible where does it get entered?
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Yes, you can deduct qualified personal mortgage insurance (pmi) on a reverse mortgage. The insurance must be in connection with home acquisition debt.The deduction is not available for the portion relating to other types of indebtedness, such as home equity indebtedness. Also, the insurance contract must have issued after 2006.
Yes, you can deduct qualified personal mortgage insurance (pmi) on a reverse mortgage. The insurance must be in connection with home acquisition debt.The deduction is not available for the portion relating to other types of indebtedness, such as home equity indebtedness. Also, the insurance contract must have issued after 2006.
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