Can I deduct private mortgage insurance (PMI or MIP)?
Note: For tax year 2018, the PMI deduction is currently unavailable. At this time we don't know when, or if, Congress will approve this deduction for tax year 2018. If the deduction is approved after your file your 2018 return, you can file an amendment to claim the deduction. Alternatively, you can postpone filing your return until Congress definitively approves or denies the deduction for 2018.
The following info pertains to tax year 2017 and is provided for reference only.
Yes, if you itemize and the insurance contract was issued after 2006.
However, once your adjusted gross income (AGI) exceeds $100,000 ($50,000 for married filing separately) the deduction is reduced.
The mortgage insurance deduction is eliminated once your AGI surpasses $109,000 ($54,500 if married filing separately).