mortgage insurance premiums

[tamimchugh]

What is the status of deducting mortgage insurance premiums on Schedule A for 2018? Has it been extended?

[TAX4US]

H.R.284 Introduced to make permanent 01-08-2019. That's as far as it got.

[ATSMAN]

Some folks are adding mortgage insurance premiums to the mortgage interest. I had two taxpayers tell me that they were advised to do that by some online help!

So look at the 1098-INT form instead of going by what they put in the questionnaire!

[AZUKHiker]

Some folks are adding mortgage insurance premiums to the mortgage interest. I had two taxpayers tell me that they were advised to do that by some online help!

So look at the 1098-INT form instead of going by what they put in the questionnaire!

Hopefully nobody on this forum is advising to add to the interest. :-)

Just enter the 1098 as received and if mortgage premiums come back most tax software will flag that the return can be amended to claim it.

[ATSMAN]

Hopefully nobody on this forum is advising to add to the interest. :-)

Just enter the 1098 as received and if mortgage premiums come back most tax software will flag that the return can be amended to claim it.

Because of the legislation pending in Congress some self help gurus are taking that position. If you remember last season we had the same issue until the extenders were passed into law.

[nwtaxlady]

As of RIGHT NOW, the deduction for MIP is NOT allowed. Do you want to take the deduction and have to amend all those tax returns because of your error??? OR do you want to do it right and then amend because the law changed? If I were to take some online advise and put the MIP on the return in error and have to go back and amend, then it would be at my cost, not the clients cost. Something to think about. ETHICS!!

[kathyc2]

I doubt they will renew it at this point. With the rather low phaseout to claim it and the higher standard deduction, I doubt that there would be many people with income low enough to claim would benefit by itemizing.