Pmi

[DTS]

Is there anyway to write-off PMI on a return. I know this may sound silly, but I was confronted with this question and I said "no", but, curiously, I started to look up and verify. Could not find where I could. Ever heard of this at anytime?

Dennis

[Chief]

Deductibility of PMI Charges

Dennis:
I have often wondered about deducting PMI charges. These are not qualified deductions. See Lasser's 15:1 for the current year.
With SAMs , joint liability on mortgages it seems unfortunate that PMI charges cannot be taken.

[DTS]

Chief

I will go to Lasser's when I get to the office this morning. I appreciate the tip. This does not amount to more than $1,030, but thought I might be able to use it.

Thanks, again. Dennis

[S T]

Pmi

If taxpayer owns a rental and incurs the PMI expense, it can be a deduction on Schedule E.

http://www.irs.gov/faqs/faq-kw151.html

"Can you deduct Private Mortgage Insurance (PMI) premiums on rental property? If so, which line item on Schedule E?

Yes. You can deduct Private Mortgage Insurance premium on line 9 of Form 1040, Schedule E (PDF), Supplemental Income and Loss. Write "PMI" on the dotted line.

References:

Publication 527, Residential Rental Property
Form 1040, Schedule E (PDF), Supplemental Income and Loss
Instructions for Form 1040, Schedule E, Supplemental Income and Loss

There is no deduction for the taxpayer on his personal residence.

Sandy

[DTS]

You lifesaver, you!

Sandy,

Once again, you come to my rescue. I went into this return and looked to see which 1098 this PMI related to...Schedule E.

You must have ESP antennae (sp) up!

Thank you. Dennis

[S T]

Pmi

You are welcome!

Sandy