Question

for an individual taxpayer with agi of $65000, a private mortgage insurance is deductible in 2018.

for an individual taxpayer with agi of $65000, a private mortgage insurance is deductible in 2018.

Homework Answers

Answer #1

Yes. PM insurance deductions had been removed in 2017 due to certain reasons and nobody was allowed to claim it then. But then in 2019 the deduction was brought back. It was not only made available for the future years but also retrospectively for the past years 2018 and 2019 as well. The only thing required was to fill a form and the deduction would be available. To qualify for the deduction, your AGi should not exceed $109000. In this case its only $65000 so it should be good to go.

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