If I buy a home this year and they are charge PMI insurance, is that deductible next year? I looked on the IRS website and they only mention PMI on rentals, and this home will not be a rental, but my residence.
2007-02-16 02:40:44 · 5 answers · asked by Fun N Sun 4 in Business & Finance ➔ Taxes ➔ Other - Taxes
Yes! Starting in 2007 Mortgage insurance is deductible!
2007-02-16 02:48:41 · answer #1 · answered by miketorse 5 · 0⤊ 1⤋
No any types of insurance are deductible. PMI ( Mortgage insurance ) is required by the bank on behalf of protecting their investments, your home. Car insurance; Life Insurance, Health Insurance...etc none are deductible. In some States, not even rentals insurance are deductible because its not required by laws.
2007-02-19 18:17:15 · answer #2 · answered by MINH H 3 · 0⤊ 0⤋
I THINK so, don't quote me on it, but we close on a house we're buying next month. We got an FHA loan, and our lender told us that the FHA PMI insurance is tax-deductible, starting with the 2007 tax year. I'm not sure if it's only for 2007 or what the deal is, but yes I'd think so. I'd consult a tax advisor for a straight answer.
2007-02-16 02:48:10 · answer #3 · answered by aj1020 2 · 1⤊ 1⤋
No, PMI on a personal residence is not deductible.
2007-02-16 08:56:47 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Yes, it is deductible for 2007 but, as of now, only for 2007.
2007-02-16 02:49:31 · answer #5 · answered by Wayne Z 7 · 0⤊ 4⤋