Is the PMI on my loan I refinanced in 2014 now tax deductible even if it wasn't on the original loan in 2006?

[nwallace]

The original loan originated in 2006, so previously I could not deduct the PMI.  Since I refinanced in 2014 and I'm still paying PMI, is it now deductible since the refinanced loan was after 2007?

[Vanessa · Accepted solution]

Yes, if you are paying PMI on a loan that was refinanced in 2014, this would qualify for the PMI deduction because the loan is considered to have been taken out in 2014. 

To enter your PMI do the following

1. Click Federal
2. Deductions and Credits
3. Scroll down click Show More next to Your Home
4. Start or Revisit next to Mortgage Interest, Refinancing, and Insurance (Form 1098)

[nwallace]

I processed the amendment, do I need to mail any backup documentation with my 1040X?

[Vanessa]

Yes, You will need to include your 1098 with your 1040X.