Is Private Mortgage Insurance (PMI) Deductable?
I Re-Financed my home Dec. 2009, to get a 5% Mortgage and they charged me OVER $2,500 Cash Up-Front, PAID TO FHA. They took that cash out of my Proceeds. Is This Deductable for my 2009 taxes? And I also have to pay $66 Monthly on my House payment from now until I get around 22% Equity in my home and can prove it with an Appraisal. Is that also Deductable in future Tax years?
- Anonymous1 decade agoFavorite Answer
The deductibility of mortgage insurance depends on your income. See here:
Mortgage interest, property tax and points paid (if any) are deductible. Not other refi fees.
- MSADLv 71 decade ago
PMI is deductible for some people. Not all.
It all depends on when you got your loan.
You will know if your PMI is deductible because when you get the tax document from your mortgage company in one of the blocks it will show the amount of PMI you paid.
Since my PMI is not deductible, then the block on my form shows $0.00.
In May 2009, I was looking to do a re-fi. I contacted the IRS to find out if I did a ri-fi would the pmi on he new loan become tax deductible and was advised that under the tax law in effect at that time, it would
When in doubt...take all your forms to a CPA and let them file for you. If your tax filing is not complicated....it should cost you about $100 to get them filed.
- mccuistionLv 43 years ago
LOL. effective answer above! inner maximum loan coverage (PMI) A coverage of coverage issued by potential of a non-governmental entity which protects a lender against the default of the borrower.
- ?Lv 71 decade ago
pmi is not deductible