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Please verify that my Mortgage Insurance Premium ($1993) is deductible for 2018. The software is not allowing it. Why?
Turbo Tax Deluxe is saying that Congress has not decided, but I asked a friend who is a CPA and he said he looked it up and it is deductible. Also, located an article on google that said it is deductible.
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posted
June 4, 2019
4:18 PM
last updated
June 04, 2019
4:18 PM
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Please verify that my Mortgage Insurance Premium ($1993) is deductible for 2018. The software is not allowing it. Why?
The deduction expired at the end of 2017. If it’s in the program, it’s in case congress reinstated it. But that hadn’t happened and seems unlikely.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
June 4, 2019
4:18 PM
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Please verify that my Mortgage Insurance Premium ($1993) is deductible for 2018. The software is not allowing it. Why?
The deduction expired at the end of 2017. If it’s in the program, it’s in case congress reinstated it. But that hadn’t happened and seems unlikely.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
June 4, 2019
4:18 PM
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Please verify that my Mortgage Insurance Premium ($1993) is deductible for 2018. The software is not allowing it. Why?
No, Congress has Not renewed the Mortgage Insurance deduction for tax year 2018
See IRS Schedule A Instructions, page 1 - https://www.irs.gov/pub/irs-pdf/i1040sca.pdf
Expired deduction for mortgage insurance premiums.
At the time these
instructions went to print, the deduction
for mortgage insurance premiums had
expired. You can't claim a deduction for
amounts paid or accrued after 2017.
June 4, 2019
4:18 PM
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