Mortgage 1098- box 5 MIP and PMI Deductible for 2020 tax year

[SJOS]

Does anyone know if box 5 MIP amount and PMI are 100% deductible for 2020 or over the certain number of years? The IRS site has not updated their publication yet.

Thanks

[Bsch4477]

PMI, along with other eligible forms of mortgage insurance premiums, was tax deductible only through the 2017 tax year as an itemized deduction. But with the passage of the Further Consolidated Appropriations Act, 2020, Congress extended the deduction through Dec. 31, 2020.

[SJOS]

Thanks.  Is the entire MIP or PMI amount deductible or partial amount?

[Bsch4477 · Accepted solution]

The entire amount.