Welcome Guest. Register Now!  

Itemized Deductions Schedule-A

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-17-2011, 05:56 PM
Posts: n/a
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.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Can I Claim Mortgage Insurance Premiums not listed on 1098 Danyael32 Itemized Deductions 3 04-13-2011 12:58 AM
Can taxpayer's deduct mortgage insurance premiums without income limitations? TaxGuru Itemized Deductions 0 11-10-2009 09:37 AM
New Tax Law Changes for 2007-Mortgage Insurance Premiums are deductible! TaxGuru Itemized Deductions 0 03-16-2008 11:29 PM
Are the Mortgage Insurance Premiums paid deductible in Tax Year 2007? TaxGuru General 0 02-25-2008 11:01 PM
health insurance premiums for employees maverick Limited Liability Company 0 01-15-2008 01:34 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning