The most common type of deductible mortgage insurance premium is Private Mortgage Insurance (PMI). The PMI Deduction is now extended after the 2017 tax year.
If you are claiming itemized deductions, you can claim the PMI deduction if:
- The mortgage is secured by your first or second home;
- You pay mortgage insurance premiums for your mortgage
- The insurance contract was issued in 2007 or later
To make this entry into the program:
- Federal Section
- Deductions
- Itemized Deductions
- Mortgage Interest and Expenses
- Private Mortgage Insurance