PMI Premium Deduction — Tax Deduction Guide 2026
Deduct private mortgage insurance premiums if income is below threshold.
Eligibility
Homeowners paying private mortgage insurance
Tax Savings Calculator
Estimated Tax Savings
$1,100
At the 22% tax bracket, a $5,000 deduction saves you $1,100 in taxes.
Savings by Tax Bracket
Requirements
- 1AGI under $109,000
- 2Must itemize
- 3Mortgage after 2006
Common Mistakes to Avoid
- !Not checking AGI phase-out
- !Forgetting lender-paid PMI
Required Tax Forms
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Frequently Asked Questions
What is the PMI Premium Deduction?
Deduct private mortgage insurance premiums if income is below threshold.
Who is eligible for the PMI Premium Deduction?
Homeowners paying private mortgage insurance
How much can I save with the PMI Premium Deduction?
The average tax savings is $1,100 per year. Your actual savings depend on your tax bracket and qualifying amount.
What forms do I need for the PMI Premium Deduction?
You'll need to file Schedule A and Form 1098 to claim this deduction.
What are common mistakes with the PMI Premium Deduction?
Common mistakes include: Not checking AGI phase-out; Forgetting lender-paid PMI. Always double-check requirements before filing.
Is the PMI Premium Deduction worth claiming?
With average savings of $1,100, the pmi premium deduction is worthwhile for most eligible taxpayers. Make sure you meet all eligibility requirements.