5 Unusual Types of Income to Include on Your Taxes
Not sure how to file certain types of income on your taxes? Wondering if you even need to mention it? Read on!
ReadUpdated for filing 2021 tax returns
Yes; through tax year 2021, private mortgage insurance (PMI) premiums are deductible as part of the mortgage interest deduction.
Be aware of the phaseout limits, however. The deduction begins to phase out at an AGI amount of $100,000, and phases out completely once AGI reaches $109,000. (If married filing separately, the phaseout begins at $50,000 and phases out completely at $54,500.)
The PMI deduction had expired at the end of 2017, but was extended through the 2021 tax year by the Consolidated Appropriations Act.
For more information, see our Tax Breaks for Homeowners page on the Tax Guide.
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