The most common type of deductible mortgage insurance premium is Private Mortgage Insurance (PMI).
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
How do I report my mortgage insurance premiums?
To make this entry into the program:
- Federal Section
- Deductions
- Itemized Deductions
- Mortgage Interest and Expenses
- Private Mortgage Insurance