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dollylee9 · Joined: 19 Jul 2009 Posts: 63 -0.14 Dollars($)

I have been paying PMI on the mortgage since I bought my duplex in July of 2007. I didn't write anything off. I understand that I could, but my accountant missed that. Is PMI paid in 2008 tax deductible? What about 2009 and beyond? If yes, is that for personal residence only? I am getting conflicting responses, clarify please

gmakerley · Posted: Wed Oct 07, 2009 10:18 am Post subject:

yes, it is an allowable tax deduction for both 2008. you can always go back and do an amended return, of course. i will hedge on 2009 - i believe it to be allowable, but without first-hand knowledge on my desk, i hesitate to declare it so. irs.gov is, of course, the irs website, and the answer to that question ought to be readily available there.

gmakerley · Posted: Wed Oct 07, 2009 10:19 am Post subject:

"x" out the word "both" in my first sentence, please.

jveenstra · Posted: Wed Oct 07, 2009 11:23 am Post subject: PMI

It is not necessary that I restate the same answer as George. Just thought I would be a little more explanatory.

IRS Publication 936, page 7 notes that PMI is tax deductible if acquired after 2006. There are income limits, so read page 7.

I do not see any mention of owner occupied versus investor criteria.

No mention of if still deductible in 2009 in this publication as at the time of the print of the 2008 publication it was not yet decided. Perhaps noted in the IRS website.

leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

yes,Private Mortgage Insurance is fully tax deductible for all borrowers who purchased a home or refinanced a home using PMI on or after January 1, 2007.

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Is PMI tax deductible in 2008?