cpabsd Posted March 26, 2008 Report Share Posted March 26, 2008 The 1098 shows mortgage insurance premiums paid. However, this is a rental property. Are they deductible or is it considered basis? Quote Link to comment Share on other sites More sharing options...
Gordy from NM Posted March 26, 2008 Report Share Posted March 26, 2008 The 1098 shows mortgage insurance premiums paid. However, this is a rental property. Are they deductible or is it considered basis? Bonnie, I don't know if you have the 1040 Express Answers, but on 5-8 it lists private mortgage insurance (which is the same as MIP) to go under the heading of "Insurance", Line 9, where you normally put the Hazard Insurance. Hope this helps! Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted March 26, 2008 Report Share Posted March 26, 2008 I have always deducted it on a rental. All costs associated with the production of rental income are allowable. MIP is a legitimate, necessary cost of producing rental income. Tom Lodi, cA Quote Link to comment Share on other sites More sharing options...
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