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Deducting Mortgage Insurance Premiums

Free Legal Help > Personal Finance Legal Help > Taxes > Taxes and Your Home > Deducting Mortgage Insurance Premiums

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If you took out a first mortgage on your home in 2007 or 2008, you may be able to deduct qualified mortgage insurance premiums you pay in connection with the loan. Qualified mortgage insurance is mortgage insurance provided by the Veterans Administration, the Federal Housing Administration, or the Rural Housing Administration, and private mortgage insurance (as defined in section 2 of the Home Protection Act of 1998 as in effect Dec. 20, 2006). Prepaid mortgage insurance premiums generally must be deducted over the period to which they apply. 


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This content is for information only and may be incomplete. It is not intended to be legal or tax advice.
You are encouraged to consult with your own attorney, accountant or other advisor.



 
     
 
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