Mortgage Insurance

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  • Earl
    Senior Member
    • Mar 2006
    • 249
    #1

    Mortgage Insurance

    Have client who has balance on original mortgage loan taken out before 1987. Was not eligible for mortgage insurance deduction.

    Client now has refinanced to pay old balance with additional funds to him. Mortgage insurance shows up on 1098.

    Is mortgage insurance deductible on refinance.
    Tags: None
    • veritas
      Senior Member
      • Dec 2005
      • 3290
      #2
      Mortgage insurance

      is deductible for aquisition debt. So if more money was borrowed than remained on the aquisition debt it will be partially deductible.

      That is for mortgage insurance contracts after 12-31-2006.

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