Question: Can you deduct private mortgage insurance (PMI) premiums on rental property? If so, which line item on Schedule E?
In general, you can deduct PMI premiums in the year paid. However, if you prepay PMI premiums for more than one year in advance, for each year of coverage you can deduct only the part of the PMI payment that will apply to that year. Report a deduction for PMI premiums on line 9 of Schedule E (Form 1040), Supplemental Income and Loss.
- Is My Residential Rental Income Taxable and/or Are My Expenses Deductible?
- Publication 527, Residential Rental Property (Including Rental of Vacation Homes)
- Instructions for Schedule E (Form 1040), Supplemental Income and Loss
Category: Sale or Trade of Business, Depreciation, Rentals
Subcategory: Rental Expenses