Tax Deduction For Mortgage Insurance Premiums May Be Tax Deductible, Let Us Explain Why.
The amount of mortgage insurance premiums you pay may be tax deductible. This temporary income tax break applies for policies issued after 2006. Mortgage insurance premiums will be tax deductible beginning with 2007 through 2010.
Deducting Mortgage Insurance Premiums
In order to qualify, the insurance must be in connection with home acquisition debt (loan used to buy, build or substantially improve your residence).
Mortgage insurance premiums are treated as home insurance mortgage. They can be deducted over the term of the loan or within 84 months.
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