{"id":71,"date":"2014-02-09T05:32:45","date_gmt":"2014-02-09T05:32:45","guid":{"rendered":"http:\/\/www.loanshoppers.net\/blog\/?p=71"},"modified":"2017-10-24T17:20:00","modified_gmt":"2017-10-24T17:20:00","slug":"can-deduct-fha-mortgage-insurance-premium-taxes","status":"publish","type":"post","link":"https:\/\/www.loanshoppers.net\/blog\/can-deduct-fha-mortgage-insurance-premium-taxes\/","title":{"rendered":"Can I Deduct FHA Mortgage Insurance Premium on My Taxes?"},"content":{"rendered":"<div class=\"79adbeefd79cda5f8232b2625609aaff\" data-index=\"1\" style=\"float: right; margin:7px 0 7px 7px;\">\n<script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- Loanshoppers - blog post -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:300px;height:250px\"\r\n     data-ad-client=\"ca-pub-0086590260230556\"\r\n     data-ad-slot=\"3710447994\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\n<\/div>\n<p>The short answer is Yes, but with an attached disclaimer.<br \/>\nNo matter if the mortgage insurance premium (MIP) is added to the mortgage or paid with cash by the borrower, the tax deduction is not affected.<br \/>\n<a href=\"http:\/\/www.loanshoppers.net\/blog\/wp-content\/uploads\/2014\/02\/tax-breaks.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-74\" src=\"http:\/\/www.loanshoppers.net\/blog\/wp-content\/uploads\/2014\/02\/tax-breaks.jpg\" alt=\"tax-breaks\" width=\"250\" height=\"202\" \/><\/a><br \/>\n<strong>The Important Details<\/strong><br \/>\nBorrowers who have FHA loans are allowed a tax write-off on <a href=\"http:\/\/www.loanshoppers.net\/loan-programs\/fha\/\">FHA mortgage<\/a> insurance premiums paid upfront, however the deduction must be subtracted equally over the period when insurance coverage is in place. The IRS laws allow a mortgage insurance premium that was paid up front to be used as a deduction over the course of 84 months (7 years) or until you sell the home and subsequently the mortgage, whichever is less. If the other <a href=\"https:\/\/ttlc.intuit.com\/questions\/1901171-can-i-deduct-mortgage-insurance-pmi-or-mip\">MIP deductions<\/a> are satisfied by the homeowner, for the next seven years, one-seventh of the amount paid can be written off unless the home is sold before that time; once either of these occurs the tax write-offs stop.<\/p>\n<p><strong>Restrictions<\/strong><br \/>\nFor the borrower to get the maximum deduction, they will need to have an AGI under $100,000. The deductions are eliminated for an AGI more than $109,000 while it is in phases as it reaches $109,000. Every year IRS limits on various tax deductions may vary, so it is highly recommended that you are aware of the most recent IRS rules with regards to FHA mortgage insurance premium deductions by consulting with your tax advisor.<\/p>\n<p>I hope this was helpful to those with FHA mortgages. If you need help with your mortgage matters, including purchasing or refinancing, connect with Bill on <a href=\"https:\/\/plus.google.com\/113636739892637071752? rel=author\">Google+<\/a><\/p>\n<!--CusAds0-->\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>The short answer is Yes, but with an attached disclaimer. No matter if the mortgage insurance premium (MIP) is added to the mortgage or paid [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":74,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[24],"tags":[22,25,26],"class_list":["post-71","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxes","tag-fha","tag-mortgage-insurance","tag-tax-deduction"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can I Deduct FHA Mortgage Insurance Premium on My Taxes? -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.loanshoppers.net\/blog\/can-deduct-fha-mortgage-insurance-premium-taxes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can I Deduct FHA Mortgage Insurance Premium on My Taxes? -\" \/>\n<meta property=\"og:description\" content=\"The short answer is Yes, but with an attached disclaimer. No matter if the mortgage insurance premium (MIP) is added to the mortgage or paid [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.loanshoppers.net\/blog\/can-deduct-fha-mortgage-insurance-premium-taxes\/\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/Loanshoppers\" \/>\n<meta property=\"article:published_time\" content=\"2014-02-09T05:32:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-10-24T17:20:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.loanshoppers.net\/blog\/wp-content\/uploads\/2014\/02\/tax-breaks.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"250\" \/>\n\t<meta property=\"og:image:height\" content=\"202\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bill Cook\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bill Cook\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.loanshoppers.net\/blog\/can-deduct-fha-mortgage-insurance-premium-taxes\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.loanshoppers.net\/blog\/can-deduct-fha-mortgage-insurance-premium-taxes\/\"},\"author\":{\"name\":\"Bill Cook\",\"@id\":\"https:\/\/www.loanshoppers.net\/blog\/#\/schema\/person\/e29258049f1ed67e8b777afb8d3faeb1\"},\"headline\":\"Can I Deduct FHA Mortgage Insurance Premium on My Taxes?\",\"datePublished\":\"2014-02-09T05:32:45+00:00\",\"dateModified\":\"2017-10-24T17:20:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.loanshoppers.net\/blog\/can-deduct-fha-mortgage-insurance-premium-taxes\/\"},\"wordCount\":261,\"publisher\":{\"@id\":\"https:\/\/www.loanshoppers.net\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.loanshoppers.net\/blog\/can-deduct-fha-mortgage-insurance-premium-taxes\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.loanshoppers.net\/blog\/wp-content\/uploads\/2014\/02\/tax-breaks.jpg\",\"keywords\":[\"fha\",\"mortgage insurance\",\"tax deduction\"],\"articleSection\":[\"taxes\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.loanshoppers.net\/blog\/can-deduct-fha-mortgage-insurance-premium-taxes\/\",\"url\":\"https:\/\/www.loanshoppers.net\/blog\/can-deduct-fha-mortgage-insurance-premium-taxes\/\",\"name\":\"Can I Deduct FHA Mortgage Insurance Premium on My Taxes? 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