Mortgage Insurance Tax Form
If you paid premiums for mortgage insurance which are usually tax deductible the amount you paid may be listed on the form.
Mortgage insurance tax form. For tax year 2018 you are not required to file or furnish corrected forms 1098 for 2018 to report mip for that year. The agency that receives your mortgage insurance premiums must report to you the payments you made on irs form 1098 if they total at least 600 for the year. If a borrower defaults on home loan payments a mortgage insurance policy will help cover losses for the lender. Use form 1098 mortgage interest statement to report mip aggregating 600 or more that you received during the calendar year in the course of your trade or business from an individual including a sole proprietor.
Enter the deductible portion of home mortgage interest paid directly or indirectly to financial institutions for which the taxpayer received a form 1098 mortgage interest statement. If your mortgage company handles your property tax payments for you a common practice it may use form 1098 to report the total amount paid which is also tax deductible. That is probably why your lender did not report it on your 1098. You must use form 1040 or you cannot itemize your deductions and therefore cannot deduct your mortgage insurance premiums.
The form 1098 will be sent to you by your lender and your mortgage insurance premium total will be found in box 4. File your income taxes using irs form 1040. The amount is listed in box 4. In the past there s been a deduction for mortgage insurance premiums but the law that would allow this deduction this year is still under review.
The mortgage insurance tax deduction act of 2017 was introduced in congress to make the mortgage insurance tax deduction permanent but it was never passed into law. Yes you can still enter the mortgage insurance premiums you paid in turbotax. Until the irs and your state taxing authority if applicable revise this form i would recommend that you hold off on filing your 2018 amended return. The mortgage insurance deduction was found on schedule a of a tax return on line 13 under the interest you paid section.
The irs has not yet updated the form to include congress retroactive tax extender for the mortgage insurance premiums. What is a mortgage insurance premium.
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