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You cannot deduct mortgage interest unless the mortgage is secured by the property. That was always true. It is not a change. Most mortgages are secured by the property that the mortgage is on. Unless there is something unusual about your mortgage, it is secured by the property and you should answer Yes.
Ask to cancel your PMI: If your loan has met certain conditions and your loan to original value (LTOV) ratio falls below 80%, you may submit a written request to have your mortgage servicer cancel your PMI. For more information about canceling your PMI, contact your mortgage servicer.
The mortgage insurance premium deduction is available through tax year 2020. Starting in 2021 the deduction will not be available unless extended by Congress.
IRS Rule: When a buyer purchases a new home with cash, the IRS provides a 90-day window after the purchase to take out a mortgage for it to be considered acquisition indebtedness. Mortgages applied for after this period are considered home equity indebtedness with stricter deductibility limits.
Are closing costs tax-deductible? Mortgage interest: Per the IRS, you can deduct home mortgage interest on the first $750,000 of your loan, or $375,000 if married and filing separately. Mortgage points: The IRS considers mortgage points to be prepaid interest, and thus deductible.
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The PMI deduction isnt available for tax year 2024 but efforts are being made in 2025 to convince lawmakers to reinstate it. You may still be able to deduct PMI if you qualify for past years.
Mortgages you took out on or before October 13, 1987 (called grandfathered debt).
You may look for ways to reduce costs including turning to your tax return. Some taxpayers have asked if homeowners insurance is tax deductible. Heres the skinny: You can only deduct homeowners insurance premiums paid on rental properties. Homeowners insurance is never tax deductible your main home.

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