My client is eligible for the PMI deduction on Schedule A. The worksheet shows this but the deduction doesn't show up on Schedule A. Does anyone know what's going on?

[Just-Lisa-Now- · Accepted solution]

Yea, Pub 936 says its gone and that's updated as of Jan 24th, 2019
https://www.irs.gov/pub/irs-pdf/p936.pdf

[abctax55]

PMI ended 12.31.17

[Just-Lisa-Now-]

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?

[abctax55]

AFAIK it wasn't extended.....and I'm never wrong except when I'm wrong :smiley_cat:

[TAXOH]

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.

[Just-Lisa-Now-]

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.

[abctax55]

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.

[rbynaker]

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.

[abctax55]

Yeah...remember LAST year & the related cluster associated with it being extended "after the fact" ?!?

[TAXOH]

I remember that

[itonewbie]

Except this time, it may not be that easy given the political play in DC.