1098?

[SueBaby]

I have several 1098s (mortgage interest statements). They have mortgage insurance premiums and tax paid on them. Do I register that somewhere or just the interest? Haven't seen that before, just the interest. Thank you

[Bonnie]

PMI (the mortgage insurance) is a new deduction this year. It goes under mortgage interest on the schedule A. It can only be used on mortgages taken out in 2007 so if a taxpayer has a loan on home that was taken out prior to 2007 they cannot deduct it even if they are paying it. I had my first one today and the PMI was listed on 1098. Other 1098's I have seen did not have it but they were for older loans so it looks as if the mortgage company's know the rules and only list it for new loans.

Tax Book 4-10

Bonnie

[ChEAr$]

remember also

PMI (the mortgage insurance) is a new deduction this year. It goes under mortgage interest on the schedule A. It can only be used on mortgages taken out in 2007 so if a taxpayer has a loan on home that was taken out prior to 2007 they cannot deduct it even if they are paying it. I had my first one today and the PMI was listed on 1098. Other 1098's I have seen did not have it but they were for older loans so it looks as if the mortgage company's know the rules and only list it for new loans.

Tax Book 4-10

Bonnie

that the amount reported onthe 1098 could very well be a full year's premium, so pro rate
according to months.