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Mortgage Insurance Premium Tax Deduction

Your mortgage insurance premiums may be tax deductible, but you must itemize deductions in order to receive it any potential benefit.

To deduct the premiums, the insurance policy must be for home acquisition debt - a loan to buy, build, or improve - your first or second home. Mortgage insurance policies on cash-out refinances and home equity loans do not qualify.

If you paid mortgage insurance premiums over the course of the year you should receive a Form 1098 from your lender, which reports the amount you paid. If your insurance premiums are prepaid, they can be allocated over the term of the loan or 84 months, whichever is shorter.

Note that generally your adjusted gross income must be less than $109,000 in order for you to qualify.

Unfortunately the mortgage insurance premium deduction expired at the end of 2011, and is thus only available for tax years 2007, 2008, 2009, 2010, and 2011.