NLIC.org

Cecil Said:

Annual Mortgage Insurance Premiums?

We Answered:

those mortgage insurance coverages are from gov't insurance companies, not all mortgage insurance is deductible
I have had only one client who ever was entitled to it

Terry Said:

FillingTaxes...what does the Mortgage insurance premiums refer to? The amount of insurance that I paid?

We Answered:

PMI - private mortgage insurance. If you have less than 20% equity in your house, in addition to the mortgage payment, you're paying the bank PMI. They should break it out on their tax statement they send you.

Ricky Said:

Can i deduct Mortgage insurance premiums paid at closing?

We Answered:

You can deduct your PMI. See the instructions for Schedule A page 7, for details.

Alan Said:

What is Mortgage Insurance Premiums?

We Answered:

This is the insurance that will pay your lienholder should you default on your mortgage. - in a nut shell explanation. It is based on the mortgage amount.