You may be able to deduct home mortgage interest, points and mortgage insurance premiums, using Form 1040, Schedule A, Itemized Deductions (PDF). Points are charges paid by a borrower to obtain a home mortgage. You can deduct either the full amount of points in the year paid or over the life (term) of the mortgage.
More Information
Publication 17, Your Federal Income Tax - Chapter 23, Interest Expense - See Home Mortgage Interest
Related Forms
Form 1040, Schedule A, Itemized Deductions (PDF)
Your mortgage holder should send you and the IRS a completed Form 1098, Mortgage Interest Statement (PDF) or similar statement showing the mortgage premiums and interest you paid during the year.
Related Publications
Publication 936, Home Mortgage Interest Deduction