Qualified Mortgage Insurance Premiums
Taxpayers can deduct private mortgage insurance premiums paid or accrued during the current tax year on Schedule A. The insurance must have been in connection with home acquisition debt, and the insurance contract must have been issued after 2006. Volunteers need to be aware that this potential deduction may not be reported on Form 1098. Ask homeowners with a mortgage if they paid mortgage insurance premiums during the tax year. Failure to ask this information could result in a substantial deduction loss for taxpayers filing Schedule A. This provision is subject to change. See Publication 4491X for any updates.