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laboubeelizabeth
New Member

Should we have been asked about our mortgage insurance costs this year or does tat fall under the standadrd tax deduction umbrella?

 
3 Replies
ColeenD3
Expert Alumni

Should we have been asked about our mortgage insurance costs this year or does tat fall under the standadrd tax deduction umbrella?

PMI is no longer deductible. It would have been included in Itemized Deductions so if you take the Standard Deduction, you don't need to worry about it.

JustFacts
Returning Member

Should we have been asked about our mortgage insurance costs this year or does tat fall under the standadrd tax deduction umbrella?

PMI Is now deductible for 2019 and 2020 and retroactive for 2018. See article below to see if you qualify 

 

https://www.creditkarma.com/tax/i/is-pmi-tax-deductible/#a

MarilynG1
Expert Alumni

Should we have been asked about our mortgage insurance costs this year or does tat fall under the standadrd tax deduction umbrella?

To enter your PMI mortgage insurance, type '1098' in the Search area and then 'Jump to 1098'.

 

 After you enter the Mortgage Interest from box 1 of your Form 1098, the next screen has places to enter additional information from the 1098, including mortgage insurance premiums.

 

You are correct that this is an itemized deduction that you may not be able to take advantage of; however, you may want to enter it anyway for your records.

 

 

 

 

 

 

 

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