FHA loan insurance premium is tax deductable?
I live in california and my current income is over 120K per year. I'm planning to purchase a house using FHA loan and one downside of it seems to be the requirement for high insurance premium. Could it be tax deductable in California?
- AnonymousLv 79 years agoFavorite Answer
In some states, PMI is tax deductible.
But if you're talking about regular homeowners insurance, for the house you live in, that is NOT tax deductible. The premium will be dependent on how much coverage you need, and ALL lenders are going to want you to insure for 100% of the cost to rebuild the house, or the full amount of the loan, whichever is less.
- lucyLv 79 years ago
You might want to post this question under personal finance or tax category, since many accountants or tax people maybe able to answer if deductible or not.
- DanielleLv 79 years ago
check irs.gov or ask your loan officer or realtor
- tamalaLv 43 years ago
I am curious to know more about this too