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    Pmi

    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

    #2
    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.

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      #3
      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

      Comment


        #4
        Pmi

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


        "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

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          #5
          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

          Comment


            #6
            Pmi

            You are welcome!

            Sandy

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