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Discussion Forum Index --> Basic Tax Questions --> Mortgage Insurance Premiums PRIOR to 07
Discussion Forum Index --> Tax Questions --> Mortgage Insurance Premiums PRIOR to 07
Cporter1 (talk|edits) said:
| 16 February 2008
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| Can a taxpayer who qualifies for the Home Office Deduction deduct mortgage insurance premiums on his 2006 (yes, I mean 2006) return? Publication 587 (2006) simply states the word "Insurance."
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Cporter1 (talk|edits) said:
| 16 February 2008
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| I mean the (total Mortgage Insurance Premiums) * (Business Use Percentage).
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Taxea (talk|edits) said:
| 16 February 2008
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| no started in 07. only good for new or refi'd in 07 taxea
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Death&Taxes (talk|edits) said:
| 16 February 2008
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| Yes, PMI on a business or rental property would be deductible. It is not life insurance but rather guarantees the payoff of the loan in the event of failure to pay. I see no reason why this would not extend to the business portion of the expense on a business property. Reg. 1.162-1(a).
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