Posts Tagged "1.75%"

Q&A: Is the 1.75% Mortgage Insurance Premium (FHA loan) up front payment tax deductible in the tax year its paid?

on Sep 6, 2012 in FHA Information | 1 comment

Question by BigBanski: Is the 1.75% Mortgage Insurance Premium (FHA loan) up front payment tax deductible in the tax year its paid? I realize that the monthly MI payments are only deductible if AGI is under $ 100,000 a year. In addition to the monthly, the FHA loan requires a premium to be paid- ie: 1.75% of the loan amount. Would that entire amount be able to be deducted as part of closing costs like points, title fees, etc? The purpose of this loan is a re-fi, and it will be re-financed in 2009 Best answer: Answer by Instant Tax ServiceYour insurance premium that you are paying on your mortgage is deductible. It is listed on the Schedule A. Give your answer to this question below! Q&A: Is the 1.75% Mortgage Insurance Premium (FHA loan) up front payment tax deductible in the tax year its...

Read More