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Where do I find what I need to put on Box 5-Mortgage Insurance Premiums on form 1098?

Forum|Forum|7 years ago
June 4, 2019
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Best answer by Anita01

Most 1098 forms went out this year without listing the mortgage insurance premiums because a change in the tax law made them nondeducitble. Congress then recently reversed that change, making the premiums deductible again. Many banks and mortgage companies are now sending out letters or revised forms to include the PMI amount. If you have not received anything from your mortgage company, you may have to call them to get the correct number to deduct this year.

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PaulaM

Employee

If you paid the private mortgage premiums, they should be on your 1098 form already. If you closed on a new loan, the details may be in the closing documents, but you can only deduct the monthly premium amounts paid.

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Anita01Answer

Employee

Most 1098 forms went out this year without listing the mortgage insurance premiums because a change in the tax law made them nondeducitble. Congress then recently reversed that change, making the premiums deductible again. Many banks and mortgage companies are now sending out letters or revised forms to include the PMI amount. If you have not received anything from your mortgage company, you may have to call them to get the correct number to deduct this year.