grandmabee Posted February 10, 2010 Report Share Posted February 10, 2010 I have some upfront mortgage insurance premium paid. I know it must be amortized over 84 months but where is that done in ATX. points have their own worksheet. do I just do my self and keep track of or is there a space. thanks, Quote Link to comment Share on other sites More sharing options...
chuck Posted February 10, 2010 Report Share Posted February 10, 2010 That is what I have been doing. I make a note in my file and list the years info that will be used later. I have not found a place within the program like the points you mentioned. Quote Link to comment Share on other sites More sharing options...
MAMalody Posted February 10, 2010 Report Share Posted February 10, 2010 Mortgage insurance premiums are treated as deductible mortgage interest. The premium may be deductible, in full, for the year of acquisition. The deduction is phased out ratably by 10% for each $1,000 (or fraction thereof) by which the taxpayer’s AGI exceeds $100,000 ($500 and $50,000 respectively for MFS). The deduction is not allowed when AGI exceeds $109,000 ($54,000 MFS). The mortgage insurance must be in connection with home acquisition debt, and the insurance contract must have been issued after December 31, 2006. Quote Link to comment Share on other sites More sharing options...
MAMalody Posted February 10, 2010 Report Share Posted February 10, 2010 Oops. I didn't notice that you were talking about prepaid premiums. Sorry. Quote Link to comment Share on other sites More sharing options...
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