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1098 for rental property- Mortgage insurance

Forum|Forum|7 years ago
June 6, 2019
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My 1098 for my rental property has $0 listed in box 4 for mortgage insurance. When I look at my escrow summary for the year, however, I see that I paid $692.00 for homeowners/property insurance and $420.84 for Mortgage Insurance Premium (MIP) through 12 monthly escrow payments. Are both of these insurance amounts deductible rental expenses or not since they are not on the 1098 issued by the bank?

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Best answer by MargaretL

Both, homeowners insurance and mortgage insurance for a rental property are deductible rental expenses. While Homeowners insurance is entered as Insurance expense, the mortgage insurance is entered as mortgage interest (see pic).

Deductible expenses also include, but are not limited to:

Cleaning and cleaning supplies
Maintenance and related supplies
Repairs
Utilities
Insurance
Travel to and from the property
Management fees
Legal and professional fees
Commissions
Taxes and tax return preparation
Lease cancellation costs
Advertising
Real estate taxes
Mortgage interest

https://ttlc.intuit.com/questions/2569433-what-kinds-of-rental-property-expenses-can-i-deduct

MargaretLAnswer

Employee

Both, homeowners insurance and mortgage insurance for a rental property are deductible rental expenses. While Homeowners insurance is entered as Insurance expense, the mortgage insurance is entered as mortgage interest (see pic).

Deductible expenses also include, but are not limited to: