Question

Is mortgage insurance tax deductible?

Quick Answer

Yes, you may deduct mortgage insurance payments on your business and investment properties.

For your personal residences, the mortgage insurance deduction expired at the end of 2013. There’s a chance Congress may extend this legislation, but for the time being, the deduction is gone for 2014 and after.

If you claim a home-office deduction, then the home-office percentage of your home produces a mortgage insurance deduction as we explain below.

Mortgage Insurance

If you buy a house and take a mortgage that’s more than 80 percent of the appraised ... Log in to view full article.