Can mortgage insurance on a new home mortgage be deducted?

Question : Can mortgage insurance on a new home mortgage be deducted?
Home was purchased in June 2006. Just curious to know. Thanks in advance for any help.
home mortgage insurance

Best answer:

Answer by curmudgeon
No. Just interest on mortgage and property taxes.

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Comments (6)
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#1 written by Kads 1 year ago

No

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#2 written by Nicholas M 1 year ago

for all NEW loans obtained in 2007 there is a deduction for PMI. Any loans obtained prior to, there is no deduction. I think this only has been approved for 07 and not 08. so it’s not worth a refi to get the deduction.

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#3 written by information_police 1 year ago

Nope.

Just mortgage interest and property taxes. Any points you paid on your mortgage in 2006 are also deductable.

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#4 written by Billy D 1 year ago

There is only one way insurance can be deducted. That would be if the home is turned into a rental property. Then it becomes an expense subject to passive loss limitations, which would generally not apply if you managed the rental yourself.

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#5 written by weight-loss 1 year ago

No. Not right now.
If you take time to check out, use some online free s/w (like tax act) or other tax prep deals listed here http://www.redtagdeals.com/tax_preparation_online-coupons and check it out.

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#6 written by curio 1 year ago

i think the law is being changed to get deductions on insurance, I read something in the news about it, but not sure whether the law is in effect.

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