3. Mortgage Insurance Premium Deduction
Are you paying for private mortgage insurance on loans made after 2006? If the answer is yes, you can actually deduct premiums when you itemize. In general, private mortgage insurance gets charged if you actually put down less than 20 percent when you purchase a home.
If your AGI exceeds $100,000, this deduction is phased out. You’ll not benefit from mortgage insurance premium deduction if your adjusted gross income exceeds $109,000. Just check the amount of money you paid on premiums last year and write down the amount on Form 1040 to deduct it if you qualify.
