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I am a loan officer and I can't seem to get a definitive answer on something. Borrowers can pay...


an upfront lump sum to "buy-out" mortgage insurance for the life of the loan. It shows on the HUD-1 as 'borrower paid mortgage insurance'. Is this up front mortgage insurance tax deductable for people making under $100,000? And do you deduct it all in the first year or does it have to be amortized over s certain number of years?

 

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Keith Schroeder (KeithTax) says

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6 years ago
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