I have a client who owns 2 rental properties which are rented 100% for business purposes. He currently pays PMI (private mortgage insurance) on each loan which is deducted from the escrow accout monthly. Is he allowed to take a deduction for the private mortgage insurance that he pay every month as a business expense?
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I would think like Brian. It is part of the cost of doing business, at least IMHO.
LTOnly in government or politics is a "cut in spending" really an increase. It's just not as much of an increase as they wanted it to be, therefore a "cut".Comment
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I agree
>>It is part of the cost of doing business<<
I agree, assuming the loan proceeds were only used to acquire the subject property.Comment
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Thanks
for the response. I see it the same way, as a cost of doing businessComment
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It is right up there with association dues for rental condominiums. Not unavailable as a personal deduction, but because it is a business and required to be able to have the use of the business property it is now deductible.
Do not forget the portion of the prior years tax preparation fees for the rental properties if your client paid for tax preparation that included the rental property.Comment
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