I refinanced my home last year and I have two two 1098s and a settlement statement. Can I deduct all MIP?
I have two 1098s and a Settlement Statement from 2010 for my house that I refinanced.
One 1098 says says I paid $ 893.88 in MIP in box 4.
Another 1098 says I paid $ 3016.15 in MIP in box 4.
Then my settlement statement in box 206 says I was refunded $ 2289.94 in UFMIP.
It also says on box 902 that I paid $ 4909.01 in MIP for 360 months to HUD.
So how much can I claim in MIP on my 2010 taxes?
$ 3910 the total from my 1098s?
$ 8819.01 the total of the 1098s plus box 902?
$ 6529.07 the total of the 1098s plus box 902 minus box 206?
Thanks for your advice!
To Tro: are you saying the amount that was paid in daily interest, line 901 is deductible even if it’s not on a 1098?
It looks like I found the answer and that Tro is mistaken, and that I was not entirely correct either.
Here is what I found from the IRS:
Mortgage Insurance Premiums
You can treat amounts you paid during 2010 for qualified mortgage insurance as home mortgage interest. The insurance must be in connection with home acquisition debt, and the insurance contract must have been issued after 2006.
Qualified mortgage insurance. Qualified mortgage insurance is mortgage insurance provided by the Department of Veterans Affairs, the Federal Housing Administration, or the Rural Housing Service, and private mortgage insurance (as defined in section 2 of the Homeowners Protection Act of 1998 as in effect on December 20, 2006).
Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee. If provided by the Rural Housing Service, it is commonly known as a guarantee fee.