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Can I deduct my PMI fees on my taxes?

Are there any restrictions for this? by RStark_629_502 from Memphis, Tennessee. Oct 5th 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

Mortgage interest is a deductable expense but I'm not sure PMI is...you need to ask an accountant to be sure.

Oct 5th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

Up until the end of last year, you could deduct your private mortgage insurance premium (PMI) when calculating your income taxes. It was a benefit targeted to lower- and middle-income home owners. Once you made $100,000 or more, it started disappearing and anyone who had more than $110,000 of adjusted gross income couldn't use it. However Congress was so busy bickering at the end of 2011 that it allowed this important tax break to expire, so beginning with the 2012 tax year, you are no longer able to write off PMI... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Oct 5th 2012
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Jeff Cost (midwestlender)
#41 ranked lender in Ohio - 164 contributions

Check with your CPA for the most up to date tax info. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

Oct 5th 2012
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Gary H (Mod.Specialist)
#71 ranked lender in New York - 25 contributions

You may be able to take an itemized deduction on Schedule A (Form 1040), line 13, for premiums you pay or accrue during 2011 for qualified mortgage insurance in connection with home acquisition debt on your qualified home. Mortgage insurance premiums you paid or accrued on any mortgage insurance contract issued before January 1, 2007, are not deductible as an itemized deduction.

Oct 5th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#78 ranked lender in Florida - 2,240 contributions

Don't believe you can.

Oct 5th 2012
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