You Can Still Deduct Your Mortgage Insurance Premium

If you did not see your mortgage insurance premium listed on the 1098 form you received from your lender, don’t panic. You can still deduct this on your 2012 tax return. Most lenders had already generated Forms 1098 before the “fiscal cliff” legislation was signed into law.

Call your lender and ask if they will send you a revised 1098. If you don’t want to wait for a revised 1098, ask if they will send you a letter indicating how much PMI you paid. This should be sufficient documentary evidence to take the deduction.