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Is Mortgage Insurance Tax Deductible

Mortgage Insurance-Tax Deductible

When you obtain a mortgage to purchase or improve a home, your lender may require you to obtain mortgage insurance. The mortgage insurance premiums are tax deductible if the coverage relates to a mortgage on a qualified home. This requires that your original mortgage document provide the lender with a security interest in your home as collateral in case you stop making your mortgage payments. There is no exception to this security interest requirement even though the mortgage insurance provides sufficient security. In addition, mortgage insurance is tax deductible only on qualified homes. Your qualified homes include your main residence plus one other home you own that is not an investment or rental property.

Prepaid Mortgage Insurance-Tax Deductible over Time

For some homeowners, the bank may require you to make advance payments of mortgage insurance premiums. In this situation, the IRS requires that you take the deduction ratably over the shorter of the remaining term of your mortgage or 84 months. However, if you obtain the insurance policy from either the Department of Veterans Affairs or Rural Housing Service, then all mortgage insurance premiums are tax deductible in the year you make the payment, even if prepaid.

Mortgage Insurance is Tax Deductible on Schedule A

One final requirement to deducting mortgage insurance premiums is that you must make the election to itemize your deductions on a Schedule A attachment to IRS Form 1040. This means that you cannot also claim the standard deduction. As a result, if the total of all expenses eligible to be itemized are less than the standard deduction for your filing status, then you will save more in federal income tax by claiming the standard deduction.

Reference: IRS Publication 530-Tax Information for Homeowners