It is that time of year again Tax Time. Homeowner’s often have several deduction options for taxes, so be sure and talk to your tax professional!
How to deduct private mortgage insurance from your income taxes
Homeowners are well aware of the many home-related tax breaks they can claim each filing season.
But there also are a lot of added costs that come with purchasing a home. For buyers unable to make a down payment of at least 20 percent of their home’s purchase price, one of those costs is private mortgage insurance, or PMI. A PMI policy is coverage that you, the homebuyer, pay for, but it protects your lender in case you default on the loan.
Now, however, some PMI payers can use those insurance payments as a tax deduction when they file their returns.