Tuesday, March 20, 2018

PMI Insurance notice

I'm posting this in case anyone else might not have caught this little tax deduction change affecting 2017. PMI Mortgage insurance. It's deductible for 2017.  Apparently the last time it was deductible on your itemized deductions was in 2015.  If you pay PMI insurance you should have or will be getting a revised Form 1098.  I received an email notification last week that I had a new tax document from my lender. I just assumed it was just another copy of the 1098 they already sent me. I didn't even go look at it.

Over the weekend I had an article come across my ipad news feed about the PMI insurance deduction change and that folks should be getting new 1098 forms sent to them. This affects me (first time ever) because I do have PMI insurance I am paying on this house loan. We didn't put down very much as a down payment, because we wanted to use all the cash for buying the land free and clear.

I haven't completed my tax return yet, as I know I owe money due to my self employment income portion. I'm glad I didn't have it done, otherwise I would have had to re-do it/amend it in order to take advantage of this new deduction.  So, if you pay PMI and itemize your deductions, be sure to use this deduction.
Posted by at

10 comments:

  1. Michelle82March 20, 2018 at 8:24 AM

    OMG thank you for this information!! I’ll have to amend my tax return.

    ReplyDelete
    Replies
    1. One FamilyMarch 20, 2018 at 8:53 AM

      You're welcome!

      Delete
    2. KayMarch 20, 2018 at 11:26 AM

      FYI, is only deductible if your income is under $109K if married.

      Delete
    3. One FamilyMarch 20, 2018 at 2:21 PM

      Good point!

      Delete
    4. LucyMarch 21, 2018 at 6:04 AM

      Gross income or adjusted gross income? From what I see it looks to be the adjusted gross, but I may be wrong.

      Delete
    5. KasMarch 21, 2018 at 7:25 AM

      It’s adjusted gross income.

      Delete
    6. One FamilyMarch 21, 2018 at 8:01 AM

      adjusted gross makes a big difference! (at least for me)

      Delete
    7. LucyMarch 21, 2018 at 11:39 AM

      Same here.

      Delete
  2. LucyMarch 20, 2018 at 5:07 PM

    It was deductible in 2016 too. I only know this because we currently also have PMI and it was information our CPA had on the check list for both the past two years. It may have been there for other years but it didn't concern me as we didn't have PMI on our previous home.

    ReplyDelete
    Replies
    1. One FamilyMarch 20, 2018 at 6:32 PM

      we only paid a few months of it in 2016, but the article I read said 2015 was last year it was available, so I didn't check. I might see if it's worth amending last years return

      Delete

Subscribe to: Post Comments (Atom)