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Is prepaying Mortgage Insurance tax deductible?

I purchased a home and prepaid a point to eliminate mortgage insurance. The IRS sent me a bill saying that $0 was paid in mortgage insurance.   Is this point tax deductible as mortgage insurance?
  • September 23 2013 - Reston
  • 0Yes

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Answers (4)

This question is probably best directed to a tax professional. As mentioned below, it depends on how the point showed on the HUD and various other factors, including income.
  • September 23 2013
  • 0Yes

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How was the "point " disclosed on your HUD? Was this a refinance or purchase? What is your adjusted gross income/year?
  • September 23 2013
  • 0Yes

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MI may be tax deductible depending on your income and other mitigating factors. Please check with a tax professional. Best of luck!
  • September 23 2013
  • 0Yes

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Profile picture for Outer Banks N C
It's not a tax, it is insurance so is your car insurance deductible? Your home insurance? Not usually unless your car is used for your work (not just getting to work). Seek the advise from your tax adviser.
  • September 23 2013
  • 0Yes

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