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January 18, 2024
Question

Acquisition Reverse Mortgage and Paid MIP

  • January 18, 2024
  • 1 reply
  • 0 views

My Reverse Mortgage is an acquisition mortgage not a LOC so it qualifies for a federal tax deduction when the MIP and Interest is PAID not accrued.   I paid off MIP and Interest on this mortgage in 2023 and TurboTax Deluxe will not include the MIP as a deduction on my schedule A thus I cannot use the software to file my return unless this error is corrected.  How can I get this corrected?

    1 reply

    January 18, 2024

    The itemized deduction for mortgage insurance premiums -- aka MIP, private mortgage insurance or PMI -- has expired, so you won’t be able to claim it on your return.

     

    See the TurboTax Help article Can I deduct private mortgage insurance (PMI or MIP)?  and the IRS' Publication 936, Home Mortgage Interest Deduction for more information.