Is there a mortgage insurance premiums deduction I would qualify for on my tax return?

Editor’s note: The extra deduction for private mortgage insurance is not available after 2021. The information below is for historical information. 

A mortgage insurance premium deduction is only available if all of these are true:

• You paid or accrued premiums on a qualified mortgage insurance contract issued after Dec. 31, 2006.
• The mortgage is acquisition debt for a qualified residence (a new mortgage).
• You itemize your deductions.

However, even if you meet the criteria above, the mortgage insurance premium deduction will be:

• Reduced by 10% for each $1,000 your adjusted gross income (AGI) is more than one of these:
  • $100,000
  • $50,000 if married filing separately
• Eliminated if your AGI is more than one of these:
  • $109,000
  • $54,500 if married filing separately

The mortgage insurance premium deduction is available through tax year 2020. Starting in 2021 the deduction will not be available unless extended by Congress.