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Is home mortgage insurance tax deductible?
This is my first tax season as a homeowner. I’m not sure what I can and can’t claim for my home. Is home mortgage insurance tax deductible?
Melanie Mergen · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Welcome to your first tax season as a homeowner! Yes, home mortgage insurance is tax deductible for the 2021 tax year.
As a homeowner, you have the choice between taking a standard deduction or itemizing your deductions when you file your 2021 taxes. Which one you should choose depends on which one will end up saving you more money.
Opting for the standard deduction will give you one fixed deduction. The amounts depend on how you plan on filing your taxes. For the 2021 tax year, here are what the standard deduction options look like:
- Single or married filing separately: $12,550
- Heads of household: $18,800
- Married filing jointly: $25,100
If you choose to itemize, you can get deductions for your mortgage insurance payments, as well as mortgage points and mortgage interest.
For the 2021 tax year, the IRS states that paid mortgage insurance amounts can be treated as paid mortgage interest. It includes private mortgage insurance (PMI) and mortgage insurance provided by the Federal Housing Administration (FHA) and the Department of Veteran Affairs.
You can read more about qualifying mortgage insurance deductions on the IRS website.
Hope this helps! Tax season is full of confusing questions, especially for homeowners. So is insurance shopping. If you’re looking to update your homeowners insurance policy,
Jerry
can help make the process quick and easy! After answering a few questions, Jerry can show you competitive quotes from top insurance providers so you can find the right coverage at the right price. You can even bundle with your car insurance
to find additional savings.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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