October 2012
Beginner
784 pages
45h 24m
English
Content preview from J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return
Law Alert
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15.6 Mortgage Insurance Premiums and Other Payment Rules
Payments to the bank or lending institution holding your mortgage may include interest, principal payments, taxes, and insurance premiums. You may deduct eligible home mortgage interest (15.2, 15.3), taxes (16.4), and mortgage insurance premiums.
In the year you sell your home, check your settlement papers for interest charged up to the date of sale; this amount is deductible.
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Law Alert
No Deduction for Mortgage Insurance Premiums Without Law Change
The deduction for mortgage insurance premiums expired at the end of 2011. See the e-Supplement at jklasser.com
for an update, if any, on a possible extension to 2012.
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Mortgage insurance premiums.
The law that allowed a deduction for mortgage insurance premiums expired at the end of 2011. Unless Congress extends the law, any insurance premiums paid in 2012 are not deductible. Prepayments of premiums allocable to 2012 are also not deductible, so if you prepaid premiums before 2012 that were deductible under IRS rules over the shorter of the mortgage term or 84 months, any prepaid amount allocable to 2012 will not be deductible unless Congress extends the prior law. See the e-Supplement at jklasser.com for an update, if any, on a possible extension to 2012.
Mortgage credit.
If you qualify for the special tax credit for interest on qualified ...
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