Can you write off mortgage insurance premiums on your taxes?

Yes, through tax year 2020, private mortgage insurance (PMI) premiums are deductible as part of the mortgage interest deduction.

Was the deduction for mortgage insurance premiums extended?

Mortgage insurance premiums. The itemized deduction for mortgage insurance premiums has been extended through 2021. You can claim the deduction on line 8d of Schedule A (Form 1040) for amounts that were paid or accrued in 2021.

When did mortgage interest become deductible?

How a Mortgage Interest Deduction Works. Introduced along with the income tax in 1913, the mortgage interest tax deduction has since become the favorite tax deduction for millions of U.S. homeowners.

Why is my mortgage insurance premiums not deductible?

If certain requirements were met, mortgage insurance premiums could be deducted as an itemized deduction on your return. If your adjusted gross income (AGI) is $109,000 or more for the year, this deduction is not allowed.

Is PMI tax deductible in 2021?

Taxpayers have been able to deduct PMI in the past, and the Consolidated Appropriations Act extended the deduction into 2020 and 2021. The deduction is subject to qualified taxpayers’ AGI limits and begins phasing out at $100,000 and ends at those with an AGI of $109,000 (regardless of filing status).

Is mortgage insurance tax deductible 2022?

The tax deduction was scheduled to last through the 2016 tax year, but it has been extended through at least 2021. That means that the tax return you file in 2022 could include this deduction. Here’s what you need to know about the mortgage insurance premium deduction.

Can you deduct PMI in 2021?

Mortgage Insurance Premiums Deduction Generally, home buyers with less than 20% equity pay PMI, and the monthly premium can range from about $30-$70 per $100,000 of loan. Taxpayers have been able to deduct PMI in the past, and the Consolidated Appropriations Act extended the deduction into 2020 and 2021.

Does my PMI qualify for a deduction 2021?

The tax deduction for PMI was set to expire in the 2020 tax year, but recently, legislation passed The Consolidated Appropriations Act, 2021 effectively extending your ability to claim PMI tax deductions for the 2021 tax period. In short, yes, PMI tax is deductible for 2021.

Is mortgage insurance deductible in 2022?

Will I be able to deduct mortgage insurance premiums in 2022? The deduction has not yet been extended to the 2022 tax year, but historically it has been extended every year since its initial adoption.