Mortgage Insurance Tax Form
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.
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. If a borrower defaults on home loan payments a mortgage insurance policy will help cover losses for the lender. 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 mortgage insurance deduction was found on schedule a of a tax return on line 13 under the interest you paid section. What is a mortgage insurance premium. 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. 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.
The amount is listed in box 4. The irs has not yet updated the form to include congress retroactive tax extender for the mortgage insurance premiums. 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. 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 amount one entered in this section was found in box five of the form. 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. You must use form 1040 or you cannot itemize your deductions and therefore cannot deduct your mortgage insurance premiums. That is probably why your lender did not report it on your 1098.
Yes you can still enter the mortgage insurance premiums you paid in turbotax. If you paid 600 or more of mortgage interest including certain points and mortgage insurance premiums during the year on any one mortgage to a mortgage holder in the course of that holder s trade or business you should receive a form 1098 or similar statement from the mortgage holder.
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