Mortgage Insurance Premiums-When To Deduct?

[zeros]

Is the deduction always deductible over the 84 months? What if you pay this premium in the year it was charged to you?

[solomon]

Is the deduction always deductible over the 84 months? What if you pay this premium in the year it was charged to you?

Prepaid mortgage insurance must be amortized unless it is VA or Rural Housing - those are all deducted up front.

[Gary2]

There's a difference between the prepaid premiums shown on the HUD-1 and the annual premiums included as part of the payments each year. The former must be amortized (other than the VA or Rural Housing exceptions), while the latter are shown on the 1098 and deducted fully in the corresponding year.

[zeros]

Worried for Nothing

I think I misunderstood this law. Quite simple then? If its on the yearly statement, deductible in full in the year. And amortize only when it appears on the HUD-1, except for the two types of loans? Huh?