Is out of pocket FHA Mortgage Insurance Premium tax deductible?

Posted on Aug 12, 2012 in FHA Information

Question by : What are the current credit score requirements for FHA mortgages?

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Answer by Chris
It’s about 640 or higher

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Question by Bobbie: Is out of pocket FHA Mortgage Insurance Premium tax deductible?
I understand that the FHA mortgage insurance premium is tax deductible if it’s incorporated into the loan amount (and paid throughout the life of the loan). But if you were to pay the FHA M.I.P. funding fee out-of- your own-pocket, information pills does this becomes non-deductible? If you can include a source with your answer I’d greatly appreciate it.

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Answer by sassy2
It is deductible on your tax return for the year you paid. Same as the other closing costs. Go to irs.gov

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One Comment

  1. MIP is potentially tax deductible for mortgage loans closed between January 1 and December 31, 2010. In all tax matter contact a tax professional.