Get Irs Pub 936

Put 20% down on your home purchase. Lender-paid mortgage insurance (LPMI) VA loan (for eligible military veterans) Some credit unions can waive PMI for qualified applicants. Piggyback mortgages. Physician loans.

For the 2019 tax year, you're allowed to deduct any qualified unreimbursed healthcare expenses you paid for yourself, your spouse, or your dependents but only if they exceed 10% of your adjusted gross income (AGI). ... Ten percent of that amount is $5,000, so any qualified expenses exceeding that amount are deductible.

The mortgage insurance premium deduction allows you to deduct amounts you paid during the tax year or that applied to the tax year if you prepaid. In 2017, the amount you could deduct was limited if your adjusted gross income exceeded $100,000 (or $50,000 if married filing separately).

Is PMI deductible? The legislation, signed into law Dec. 20, 2019, not only makes the deduction available again for eligible homeowners for the 2020 and future tax years, but also enables taxpayers to take it retroactively for the 2018 and 2019 tax years by filing amended returns.

If your adjusted gross income (AGI) is over $100,000, then the PMI deduction begins to phase out. Between $100,000 and $109,000 in AGI, the amount of PMI you can claim is reduced by 10% for each $1,000 in increased income. Once you hit $109,000 in AGI, you are no longer eligible to claim a PMI tax deduction.

Mortgage Interest Deduction Divide the maximum debt limit by your mortgage balance, then multiply the result by the interest paid to figure your deduction. For example, say your mortgage is $1.25 million. Since the limit is $750,000, divide $750,000 by $1.25 million to get 0.6.

PMI, along with other eligible forms of mortgage insurance premiums, was tax deductible only through the 2017 tax year as an itemized deduction. ... That means it's available for the 2019 and 2020 tax years, and retroactively for 2018 taxes, too.