Are the up-front mortgage insurance premiums on FHA loans tax deductible?
Query by dreucla23: Are the up-entrance mortgage loan insurance premiums on FHA loans tax deductible?
This up-front home loan insurance policies premium (MIP) was rolled/financed into my mortgage.
And if they are tax deductible, do I deduct all of it on the tax year I closed on my house? Or do I have to spread out the deductions over the life time of the bank loan?
Also, make sure you offer a reference with your answer. I’ve done plenty of on the internet searches and there is an abundance of conflicting data.
Best remedy:
Reply by golferwhoworks
yes they are
Add your personal remedy in the remarks!
If its rolled into your loan you are not paying them all in one tax year. Most likey there is an impound paying them monthly and at the end of year statement it will show you what you have paid for the PMI in that year. Thats when you would claim it. Some pay it all at once in the clsong to avoid finance charges on it. if that was the case you could claim full amount but if you are financing it. NO