Is Mortgage Insurance Tax-Deductible?
Mortgage insurance and tax deductions
In 2006 to 2016 homeowners were in fact able to deduct mortgage insurance premiums per the Protecting Americans from Tax Hikes (PATH) Act. Congress must directly approve this deduction every year following 2016.
For 2018, this tax break is still in effect for those whose insurance contract was issued after 2006 and if the deduction is itemized on Schedule A. If the household adjusted gross income exceeds $100,000 (or $50,000 if filing married but separately) the deduction is reduced.
If your adjusted gross income exceeds $109,000 (or $54,000 if filing married but separately) the deduction is completely removed.
It is important to check in every year to confirm if Congress approved the deduction.