Can mortgage insurance on a new home mortgage be deducted?
United States
Speedracer asked:
Home was purchased in June 2006. Just curious to know. Thanks in advance for any help.
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Home was purchased in June 2006. Just curious to know. Thanks in advance for any help.
Caffeinated Content
September 20th, 2008 at 8:57 pm
No. Just interest on mortgage and property taxes.
September 23rd, 2008 at 9:45 am
i think the law is being changed to get deductions on insurance, I read something in the news about it, but not sure whether the law is in effect.
September 26th, 2008 at 11:46 am
No. Not right now.
If you take time to check out, use some online free s/w (like tax act) or other tax prep deals listed here and check it out.
September 29th, 2008 at 8:06 am
There is only one way insurance can be deducted. That would be if the home is turned into a rental property. Then it becomes an expense subject to passive loss limitations, which would generally not apply if you managed the rental yourself.
October 2nd, 2008 at 6:09 am
Nope.
Just mortgage interest and property taxes. Any points you paid on your mortgage in 2006 are also deductable.
October 2nd, 2008 at 3:51 pm
for all NEW loans obtained in 2007 there is a deduction for PMI. Any loans obtained prior to, there is no deduction. I think this only has been approved for 07 and not 08. so it’s not worth a refi to get the deduction.