Is the 1.75% Mortgage Insurance Premium (FHA loan) up front clearing export tax deductible surrounded by the excise year its remunerated?
I realize that the monthly MI payments are only deductible if AGI is under $100,000 a year. In adding together to the monthly, the FHA loan requires a premium to be paid- ie: 1.75% of the loan amount. Would that entire amount be able to be deducted as sector of closing costs like points, title fees, etc?
"> When did you buy the house? The itemized deduction for the premium is solely deductible if you recently bought the house. See 1040 instructions for schedule A.
Since you appear to hold paid a lump sum, you must prorate it over the life of the loan.
Also see IRS pub 530.
Your insurance premium that you are paying on your mortgage is deductible. It is programmed on the Schedule A.
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"> When did you buy the house? The itemized deduction for the premium is solely deductible if you recently bought the house. See 1040 instructions for schedule A.
Since you appear to hold paid a lump sum, you must prorate it over the life of the loan.
Also see IRS pub 530.
Your insurance premium that you are paying on your mortgage is deductible. It is programmed on the Schedule A.
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