Posted on: 07th Oct, 2009 10:05 am
I have been paying PMI on the mortgage since I bought my duplex in July of 2007. I didn't write anything off. I understand that I could, but my accountant missed that. Is PMI paid in 2008 tax deductible? What about 2009 and beyond? If yes, is that for personal residence only? I am getting conflicting responses, clarify please
yes, it is an allowable tax deduction for both 2008. you can always go back and do an amended return, of course. i will hedge on 2009 - i believe it to be allowable, but without first-hand knowledge on my desk, i hesitate to declare it so. irs.gov is, of course, the irs website, and the answer to that question ought to be readily available there.
"x" out the word "both" in my first sentence, please.
It is not necessary that I restate the same answer as George. Just thought I would be a little more explanatory.
IRS Publication 936, page 7 notes that PMI is tax deductible if acquired after 2006. There are income limits, so read page 7.
I do not see any mention of owner occupied versus investor criteria.
No mention of if still deductible in 2009 in this publication as at the time of the print of the 2008 publication it was not yet decided. Perhaps noted in the IRS website.
IRS Publication 936, page 7 notes that PMI is tax deductible if acquired after 2006. There are income limits, so read page 7.
I do not see any mention of owner occupied versus investor criteria.
No mention of if still deductible in 2009 in this publication as at the time of the print of the 2008 publication it was not yet decided. Perhaps noted in the IRS website.
yes,Private Mortgage Insurance is fully tax deductible for all borrowers who purchased a home or refinanced a home using PMI on or after January 1, 2007.
