The deductibility of mortgage insurance premiums has been extended through 2021. The premiums are fully deductible if your adjusted gross income (AGI) doesn’t exceed $100,000 (or $50,000 if married filing separately). The deduction starts to phase out at AGI above these thresholds and is completely eliminated when AGI exceeds $109,000 (or $54,500 if married filing separately). Mortgage insurance premiums are deductible as mortgage interest for those that itemize deduction and is available only for policies issued after 2006.
For more information, please contact us at 401-831-0200.