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Itemized Deductions Schedule-A


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Old 11-10-2009, 09:37 AM
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Can taxpayer's deduct mortgage insurance premiums without income limitations?

Generally speaking, if a taxpayer itemizes their deductions on Schedule A, then that taxpayer "may deduct premiums paid for mortgage insurance provided by the Department of Veterans Affairs (VA), the Federal Housing Administration (FHA), the Rural Housing Service (Rural Housing), or private mortgage insurers in connection with a mortgage for the purchase of a home."

However, the amount that may be deducted is limited if the taxpayers adjusted gross income is more than $100,000 ($50,000 if married filing separately).

The IRS has disallowed this deduction completely if the taxpayers adjusted gross income is more than $109,000 ($54,500 if married filing separately).

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