I bought a house in Dec 2010 and prepaid the Mortgage Insurance Premium. Can I claim this as a deduction?

Adjusted Gross income is between $100,000 - $109,000. If its deductable how do I calculate the amount?

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  • Bobbie
    Lv 7
    9 years ago
    Favorite Answer

    You must allocate them over a limited period of time beginning with the month that the insurance was obtained in the 2010 tax year.

    Go to the www.irs.gov website and use the search box for 1040 and then choose the instructions and then go to the page 105 for the schedule A itemized deduction of the 1040 tax form Line 13 Mortgage Insurance Premiums and then after reading the information that is on page 106 Prepaid mortgage insurance premiums.

    And if you qualify to use any of the prepaid amount you would use the Mortgage Insurance Premiums Deduction Worksheet—Line 13 of the schedule A that is available for you to use to help you determine the amount if any that would be deductible on your 2010 income tax return.

    http://www.irs.gov/pub/irs-pdf/i1040.pdf

    Hope that you do find the above enclosed information useful for your situation and good luck to you with this matter.

  • 9 years ago

    Congress has passed a law regarding that...you can claim PMI...please see the below article.

    Congress Extends Mortgage Insurance Tax Deduction Through 201019Dec07

  • 9 years ago

    It is an itemized deduction. Since you bought the house in Dec you probably do not have enough expenses to itemize so it does not help you.

  • tro
    Lv 7
    9 years ago

    the mortgage insurance you would be eligible to claim would be on your 1098

    not all mortgage insurance is deductible

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  • Anonymous
    9 years ago

    PMI is not deductible - it's insurance - only property taxes and interest are deductible

  • Anonymous
    9 years ago

    You'll find a few perfect reviews on this topic. read over all the reviews here: http://www.hotremortgagepoint.tk

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