PMI Tax Deductibility Q&As
Since 2007 private mortgage insurance (commonly referred to as “MI”) has been tax deductible, and that deduction has been renewed for tax years 2020 and 2021.
HOW COME THE TAX DEDUCTION IS NOT PERMANENT?
Congress often introduces new provisions into the tax code for a specific time frame for budgetary or other reasons. However, Congress has the power to extend the deduction for future years, or even to make it permanent.
Important: You should consult your tax advisor about the applicability of this deduction to your particular circumstance under the Internal Revenue Code and the laws of any other taxing jurisdiction.