Hey, it's Tax Mama. I'm from taxmama.com. Today, Tax Mama hears from Christie in the Tax Tips forum, with this question: "I'm just wondering if mortgage insurance would be deductible if not included on Form 1098 from the lender. The client purchased the home in 2007 and has a loan balance of $215,000. It's their only home, and they and their family reside in the home full time. They pay for the mortgage insurance separately; it doesn't come out of escrow. Would this still be considered qualified mortgage insurance? They had to get the insurance to get the loan." Well, Christie, first of all, David Tocas provided an excellent explanation of the concept of qualified mortgage insurance. If you want more details, the description of mortgage insurance can be found here in IRS Publication 936. This is a source David uses, among others. The rules about the deductibility are also in Pub 936. Furthermore, typically, you would get Form 1098 showing the PMI along with the interest expense because most lenders insist on impounding the premiums. It's unusual to have a homeowner pay the premium separately. So, please reread the definition of PMI carefully. However, to me, it sounds more like homeowners insurance you're describing. That is often paid directly by the homeowner to help you replace or rebuild the home in the event of a calamity. Just so you understand the difference, PMI protects the lender, not the homeowner, in case you default on the loan. And remember, you can find answers to all kinds of questions about mortgage insurance and other tax issues free at taxmama.com.
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Publication 936 Form: What You Should Know
The most common financial aid for students. IRS Publication : Form 1098. For detailed answers to frequently asked questions, see Publication 888: Mortgage Interest Deduction. It contains several tables covering all the topics outlined in the tax law. IRS Publication: Income From Real Estate Owned and Operated by the Spouse. The real estate owner-occupied deduction. An extension of the basis rule used in the tax treatment of stock options. IRS Publication 936: Home Mortgage Interest. For details, see Publication 936: Home Mortgage Interest Deduction. It explains what the Home Mortgage Interest Deduction is, gives information about it and how to use the deduction. It is a summary of the rules. For details, see the IRS Publication 935: Income From Real Estate Owned by the Spouse. Filing For the Federal Income Tax This post provides instructions on how to file for the 2024 Federal Income Tax, and why you should. For information about filing for the 2024 Federal Tax, see the 2024 Federal Tax Guide. IRS Publication 1204: Taxpayers' Guide to the 2024 Federal Income Tax. For tax filing instructions, see Publication 1204. Form 1099-B: U.S. Individual Income Tax Return With Errors, offers information about, and helps taxpayers resolve, errors in the amounts reported in their 1040 or 1040A income tax returns. It has section 605 instructions. Form 1099-MISC: U.S. Individual Income Tax Return With Errors. An annual form that is not filed by the taxpayer, and provides information about, and helps taxpayers resolve, errors with the withholding of income tax. It does not have section 605 instructions. Tax Preparer Tips on Publication 936: Home Mortgage Interest Deduction — IRS Filing for the Federal Income Tax This post provides instructions on how to file for the 2024 Federal Income Tax, and why you should. For information about filing for the 2024 Federal Tax, see the 2024 Federal Tax Guide. Tax Preparer Tips on Publication 936: Home Mortgage Interest Deduction — IRS Tax Preparer Tips on Publication 936: Home Mortgage Interest Deduction — IRS The home mortgage interest deduction is a tax deduction for mortgage interest payments. The term does not refer to the amount of payments that exceed the home's outstanding debt. The deduction is limited to the part of a mortgage payment that is used for qualified home mortgages.
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