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    tambar's Avatar
    tambar Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 14, 2009, 11:43 PM
    IRS Tax deduction
    Why are not all PMI insurance on your mortgage deductible?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Apr 15, 2009, 06:19 AM

    The cost of insurance is not a deductible personal expense. Doesn't matter whether you're talking about insurance on your home, life, auto... whatever.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jun 10, 2009, 12:23 PM
    ebaines:

    Actually, a portion of the PMI IS now deductible on the 2008 return; recent change in the tax law.
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
    		  
    #4

    Jun 10, 2009, 01:17 PM

    Why are not all PMI insurance on your mortgage deductible?
    Because Congress chose to only allow some PMI to be deductible.
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