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samshearer · Joined: 05 Nov 2009 Posts: 1 1.24 Dollars($)

What happens to the private mortgage insurance (PMI) premiums that I pay and how is it accounted for by the bank?

jveenstra · Posted: Thu Nov 05, 2009 3:04 pm Post subject: PMI

The PMI payments are paid to the private mortgage insurance company. You make the payment to the bank and they pay the PMI company.

In Jan or Feb of each year the bank sends you a notice as to how much interest you paid and how much property taxes you paid.

On that same form the bank is supposed to note the amount of PMI premiums you paid the prior year so you have that information along with proeprty taxes paid and mortgage interest paid so you can comlete your tax returns.

The PMI payments are tax deductable as long as your income is not over the limit where they can not be deducted--$50,000 if filing single or separately and $100,000 if filing jointly.

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