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Rental Expenses

Question: Can you deduct private mortgage insurance (PMI) premiums on rental property? If so, which line item on Schedule E?

Answer:

In general, you can deduct PMI premiums in the year paid.  However, if you prepay PMI premiums for more than 1 year in advance, for each year of coverage you can deduct only the part of the PMI payment that will apply to that year. A deduction for PMI premiums is reported on line 9 of Schedule E (Form 1040) (PDF), Supplemental Income and Loss.

Additional Information:


Category: Sale or Trade of Business, Depreciation, Rentals
Subcategory: Rental Expenses

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The OMB number for this study is 1545-1432.
If you have any comments regarding this study, please write to:
IRS, Tax Products Coordinating Committee
SE:W:CAR:MP:T:T:SP
1111 Constitution Avenue NW
Washington, DC 20224