tax question form 1098 box 5

[sandyk]

in 2019 I received a form 1098 which had an amount filled in on box 5 (mortgage insurance premiums). Is this amount tax deductible.

[DanaB27]

Yes, mortgage insurance premiums are deductible provided you itemize and the insurance contract was issued after 2006.

Once your adjusted gross income (AGI) exceeds $100,000 ($50,000 for married filing separately) the deduction is reduced. If your AGI surpasses $109,000 ($54,500 if married filing separately) the PMI/MIP deduction is eliminated altogether.

Enter your private mortgage insurance premiums in box 5 of your 1098 entry screen:

1. With your return open, search for 1098 and select the Jump to link at the top of your search results.
2. Follow the instructions and questions.
3. Soon, you'll come to the 1098 entry screen. Your PMI/MIP is entered in Box 5 – Mortgage insurance premiums.

[car51]

I received a 2019 Form 1098 Mortgage Interest Statement from my mortgage company: Box 5 Mortgage insurance premiums is $2,250.00.  This is for a Reverse Mortgage, can I claim it on my Schedule A?