Is PMI Deductible On A Rental House?

I know it isn't, of course, on my own home. But what about a house I'm buying to rent?

If it is deductible, is it considered an "insurance" cost on my Schedule E?

Chip
[addsig]

Comments(4)

  • blueford13th January, 2005

    Yes, I usually put it under "insurance".

  • Apprentice2Him14th January, 2005

    My tax man and I have argued about this, but he insists PMI is not deductible. I paid him 550 to do my taxes last year, but it was about half an inch thick. I have to trust him. he does taxes for several investors.

    Good luck with buying yoour house.

  • blueford14th January, 2005

    I didn't have time to dig too deep but found this on the IRS web site under FAQ for rental property:

    Can you deduct Private Mortgage Insurance (PMI) premiums on rental property? If so, which line item on Schedule E?

    Yes. You can deduct Private Mortgage Insurance premium on line 9 of Form 1040, Schedule E (PDF), Supplemental Income and Loss. Write "PMI" on the dotted line.


    References:

    Publication 527, Residential Rental Property
    Form 1040, Schedule E (PDF), Supplemental Income and Loss
    Instructions for Form 1040, Schedule E, Supplemental Income and Loss

  • ChipWilson9817th January, 2005

    Thanks, Blueford for that reference. I missed that in my search of IRS site, but I'll go back and look for it.

    Chip

Add Comment

Login To Comment