By Admin on Jan 24, 2009 in United States
dreucla23 asked:
This up-front mortgage insurance premium (MIP) was rolled/financed into my loan.
And if they are tax deductible, do I deduct all of it on the tax year I closed on my home? Or do I have to spread out the deductions over the lifetime of the loan?
Also, please provide a reference with your answer. I’ve done plenty of online searches and there is an abundance of conflicting information.
This up-front mortgage insurance premium (MIP) was rolled/financed into my loan.
And if they are tax deductible, do I deduct all of it on the tax year I closed on my home? Or do I have to spread out the deductions over the lifetime of the loan?
Also, please provide a reference with your answer. I’ve done plenty of online searches and there is an abundance of conflicting information.
yes they are
golferwhoworks | Jan 25, 2009 | Reply
If its rolled into your loan you are not paying them all in one tax year. Most likey there is an impound paying them monthly and at the end of year statement it will show you what you have paid for the PMI in that year. Thats when you would claim it. Some pay it all at once in the clsong to avoid finance charges on it. if that was the case you could claim full amount but if you are financing it. NO
Janice S | Jan 27, 2009 | Reply