Is Pmi Deductible
March 17th, 2008
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Question: Real estate Tax Deductions and credits, please explain the difference?
Mortgage interest is tax-deductible and I heard so is PMI (private mortgage insurance), does that mean you get that money back or that it is money that isn’t taxed? I have a 1200$ mortgage with a 150$ PMI cost per month. Can someone break this down?-thanks
Answer: You need an accountant, or try doing the Turbo Tax program, it walks you through all the steps and mentions any possible deduction. The amount you deduct when you own a house might not add up to much. You might still be better off just getting the standard deduction instead of itemizing deductions. I own a house and Turbo Tax figured out I was better off financially just taking the standard deduction.
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