Solved
Can I deduct the mortgage insurance on my rental property for 2018. The property was purchased in Aug 2006 and refinanced in 2015.
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The original question here is if Mortgage Insurance is deductible for rental properties. The asnwer to that question is "yes". See the info from the IRS website.
Question
Can you deduct mortgage insurance premiums on rental property?
Answer
In general, you can deduct mortgage insurance premiums in the year paid. However, if you prepay the premiums for more than one year in advance, for each year of coverage you can deduct only the part of the premium payment that will apply to that year. Report the deduction on line 9 of Schedule E (Form 1040 or 1040-SR), Supplemental Income and Loss.
@TJC wrote:
The original question here is if Mortgage Insurance is deductible for rental properties. The asnwer to that question is "yes". See the info from the IRS website.
The vast majority of the posts you read on this board that are dated in June of 2019 (or thereabout) were transferred from another board and are older than the post date (i.e., they were not posted on the date that appears on the post).
The PMI deductiblity has been the subject of tax extenders from time-to-time and some messages were posted during a time period when deductibility was in doubt due to legislative stonewalling.
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