I know that you can deduct the Mortgage Insurance Premiums for Acquisition Debt after 2006, I believe. I am just confused as to how you interpret it.
Client purchased house in 2001 with acquisition debt of $125,000. Then in 2014 refinanced the same loan and no equity taken out but had bad credit and they were stuck with the MIP in their monthly payment. So is their MIP of $860 deductible on SCH A? So is it NOT deductible because they bought their house before 2006?
So confused on this one.
Client purchased house in 2001 with acquisition debt of $125,000. Then in 2014 refinanced the same loan and no equity taken out but had bad credit and they were stuck with the MIP in their monthly payment. So is their MIP of $860 deductible on SCH A? So is it NOT deductible because they bought their house before 2006?
So confused on this one.