Diligence regarding Mortgage Insurance Premiums

[beck]

Hello!

Just a heads up........I've had three clients that brought in their 1098's and mortgage insurance premiums are not showing up on them. In years past these statements had a box noting the amount paid for the year.

I only caught it due to examing their previous year's return as I'm gathering their present documentation. They had to go home and gather the information and email to me. No worries for me because I always have them bring their information and drop off to return a few days later for completed return. Most of the time they usually forget something or something new comes up and they have to get back to me on items.

But I wanted to share this with all of you....so you can have a heads up too!

Thanks,
Beck

[arlo]

Home Insurance

Is Hazard Insurance deductible

[veritas]

had the same thing

Hello!

Just a heads up........I've had three clients that brought in their 1098's and mortgage insurance premiums are not showing up on them. In years past these statements had a box noting the amount paid for the year.

I only caught it due to examing their previous year's return as I'm gathering their present documentation. They had to go home and gather the information and email to me. No worries for me because I always have them bring their information and drop off to return a few days later for completed return. Most of the time they usually forget something or something new comes up and they have to get back to me on items.

But I wanted to share this with all of you....so you can have a heads up too!

Thanks,
Beck

more work for us.

[BP.]

1098's and mortgage insurance premiums are not showing up on them.
I only caught it due to examing their previous year's return

Just finished with a client and had the same situation. In your 1098's- were these all the same mortgage lender? Were they nationally known lenders that some of us might commonly encounter with our clients?

[beck]

Just finished with a client and had the same situation. In your 1098's- were these all the same mortgage lender? Were they nationally known lenders that some of us might commonly encounter with our clients?

So far I've across this situation with Wells Fargo Bank and GMAC Mortgage.

Beck

[oceanlovin'ea]

no insurance is deductible

No homeowner's insurance is deductible unless it would be on rental property.

Linda, EA

[Traveling EA]

No homeowner's insurance is deductible unless it would be on rental property.

Linda, EA

Or Office in Home

[Maribeth]

Or Office in Home

The mortgage insurance premium deduction was extended through 2013.

Maribeth

[TAX4US]

One of my clients just brought in a second bank letter giving us the information. Said it was left off the original 1098. You may want to have heads up on this and look at last year if all of a sudden it dissapeared. Just my notice.

[marlenew]

NATP Newsletter

Per NATP newsletter received today:

Mortgage Insurance Premiums Box Missing

The 2012 Form 1098 does not contain a box for qualified mortgage insurance premiums. This is likely due to the fact that the new tax bill was passed in January when mortgage companies were already in the process of issuing 1098s. The mortgage insurance premiums are deductible for 2012 and 2013, but could easily be overlooked if a tax professional does not specifically ask clients for the amount.