Mortgage Insurance Premiums
I purchased a home with an FHA loan in 2010. I received the 1098 from the lending institution with the up front MIP I paid at closing and the monthly MIP. I know that a VA or Rural Housing Service allow the full amount to be deducted, but not clear about the FHA loan?
Is the total amount in box 4 of the 1098 deductable in 2010 - including the full amount of the upfront fee of 5,353 or should it be amortized over 84 mo and then multiplied by the number of months I've paid so far???
Getting mixed answers from people I've checked with, and page 7 of Public 936 seems to say 2 things... confusing.