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Answers (5)
- Clay Branch, "Georgia Loans"
- Contributions:7839
If your loan was originated after 2006 then you can deduct a portion of the UFMIP plus the annual insurance ( what you pay monthly ) as long as you fit the income cap of $100K adjusted gross. There is a partial deduction if the adjusted gross income is over $100K but under 109K or 110K, cant remember the exact #. This deduction has been restored for 2011 and Congress has to approve the deduction every year.
- Scot King, "CAMtgBrokerCPA"
- Contributions:30
Yes, if you had mip in 2010 it can be deducted on line 13 of schedule A.
http://taxes.about.com/od/deductionscredits/qt/mortgageinsuran.htm
http://taxes.about.com/od/deductionscredits/qt/mortgageinsuran.htm
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
Call your accountant.
Great chance it will be NO.
Agents are helpful, but know Nothing about loans.
Stick with your expert accountant. Yet, I know I'm correct.
Good Luck.
Great chance it will be NO.
Agents are helpful, but know Nothing about loans.
Stick with your expert accountant. Yet, I know I'm correct.
Good Luck.
- Rita A. Walker, "Rita Walker"
- Contributions:277
The date your loan was originated is a factor in whether or not your MIP is deductible. Your best bet is to check with a tax accountant.
mip monthy payments deducible on my taxes
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