PMI

Can PMI be counted as a deductable expense?

Comments(5)

  • DaveT26th May, 2004

    For your rental property, yes. For your primary residence, no.

  • millionaireinthemaking26th May, 2004

    If you go to http://www.irs.gov you can find out what items are tax deductible.
    I was under the impression that interest paid on real estate property owned are tax deductible....ie, whoever pays the mortgage and taxes on a particular real estate can receive the tax deductions.
    I hope this helps
    JB[ Edited by millionaireinthemaking on Date 05/26/2004 ]

  • DaveT26th May, 2004

    millionaire,

    PMI is an insurance expense, not an interest expense. Insurance expense is deductible for your rental property, but not for your primary residence.

  • millionaireinthemaking26th May, 2004

    Thanks DaveT for the clarification.

  • inspectorq25th August, 2004

    Would PMI paid on a "flip" property (single family home) be deductible as a business expense?

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