cthomas428
Level 2
12-06-2019
09:01 PM
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Best Answer Click here
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Level 15
12-06-2019
09:01 PM
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Yea, Pub 936 says its gone and that's updated as of Jan 24th, 2019
https://www.irs.gov/pub/irs-pdf/p936.pdf
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
https://www.irs.gov/pub/irs-pdf/p936.pdf
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
abctax55
Level 15
12-06-2019
09:02 PM
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PMI ended 12.31.17
HumanKind... Be Both
Level 15
12-06-2019
09:02 PM
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I see lots of articles from early 2018 that say it was extended to 2018... like this one
https://www.refiguide.org/pmi-tax-deductible
is it still hanging out there and could possibly be extended to 2018 at some point?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
https://www.refiguide.org/pmi-tax-deductible
is it still hanging out there and could possibly be extended to 2018 at some point?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
abctax55
Level 15
12-06-2019
09:02 PM
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AFAIK it wasn't extended.....and I'm never wrong except when I'm wrong
:smiley_cat:

HumanKind... Be Both
TAXOH
Level 11
12-06-2019
09:02 PM
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I didn't think it was extended either.
I wonder if the article means 2017 but you can deduct in 2018 when you do your 2017 taxes.
I wonder if the article means 2017 but you can deduct in 2018 when you do your 2017 taxes.
Level 15
12-06-2019
09:02 PM
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The Motley Fool says its extended. Article dated Oct 2018
https://www.fool.com/taxes/2018/10/13/can-i-still-deduct-my-mortgage-interest-in-2018.aspx
The deduction for PMI has been set to expire several times and has been extended by Congress each time. And 2018 is no exception. Under the revised tax code, the PMI deduction has been extended for the 2018 tax year. Essentially, this allows you to treat your mortgage insurance premiums as interest for tax purposes.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
https://www.fool.com/taxes/2018/10/13/can-i-still-deduct-my-mortgage-interest-in-2018.aspx
The deduction for PMI has been set to expire several times and has been extended by Congress each time. And 2018 is no exception. Under the revised tax code, the PMI deduction has been extended for the 2018 tax year. Essentially, this allows you to treat your mortgage insurance premiums as interest for tax purposes.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
abctax55
Level 15
12-06-2019
09:02 PM
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Per The Tax Book, and their "breaking news tab" doesn't indicate it's been extended:
Mortgage Insurance Premiums
Note: The provision allowing a deduction for mortgage insurance premiums expired for tax years after 2017. As of the date of printing, the provision has not been extended.
Mortgage Insurance Premiums
Note: The provision allowing a deduction for mortgage insurance premiums expired for tax years after 2017. As of the date of printing, the provision has not been extended.
HumanKind... Be Both
rbynaker
Level 14
12-06-2019
09:02 PM
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From the instructions:
https://www.irs.gov/pub/irs-pdf/i1040sca.pdf
"Expired deduction for mortgage insurance premiums. At the time these
instructions went to print, the deduction
for mortgage insurance premiums had
expired. You can't claim a deduction for
amounts paid or accrued after 2017."
Translation, wait to file those returns until later.
https://www.irs.gov/pub/irs-pdf/i1040sca.pdf
"Expired deduction for mortgage insurance premiums. At the time these
instructions went to print, the deduction
for mortgage insurance premiums had
expired. You can't claim a deduction for
amounts paid or accrued after 2017."
Translation, wait to file those returns until later.
abctax55
Level 15
12-06-2019
09:02 PM
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Yeah...remember LAST year & the related cluster associated with it being extended "after the fact" ?!?
HumanKind... Be Both
TAXOH
Level 11
12-06-2019
09:02 PM
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I remember that
itonewbie
Level 15
12-06-2019
09:02 PM
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Except this time, it may not be that easy given the political play in DC.
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Still an AllStar
Still an AllStar