PMI Deductible?

[Deleted]

I pay PMI as part of my mortgage. Pub 17 says that PMI is deductible as long as it is "in connection with home acquisition debt". I refinanced my mortgage about 3 years ago.

Are my PMI payment deductible, even if they are from a refinanced loan and not from an initial acquisition loan? My 1098 did not include amounts paid for PMI, so I'm thinking that it is not deductible.

Thanks in advance!

[rangerj]

Refinanced debt remains acquisition debt to the extent that it does not exceed the principal amount of acquisition debt immediately before refinancing. See IRC section 163(h)(3)(B). The deduction qualification period was for years after December 31, 2007 and up to years before January 1, 2012. I do not know if this was extended in the recent tax law changes. ANYONE?

[vonna]

The PMI deduction was extended through 2013.  I believe it starts phasing out for those with AGI's of $100,000, with complete phase out around $110,000

[mwcpa]

per IRS publication 936

"You can treat amounts you paid during 2012 for qualified mortgage insurance as home mortgage interest. The insurance must be in connection with home acquisition debt, and the insurance contract must have been issued after 2006."

"If your adjusted gross income on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be eliminated. See Line 13 in the instructions for Schedule A (Form 1040) and complete the Mortgage Insurance Premiums Deduction Worksheet to figure the amount you can deduct. If your adjusted gross income is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums."

For 2013....Congress extended the rules....