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Has the tax deduction for private mortgage insurance (PMI) been extended through 2014? – IBA Compliance Connection

IBA Compliance Connection

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Has the tax deduction for private mortgage insurance (PMI) been extended through 2014?

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No, the tax deduction for private mortgage insurance (PMI) expired on December 31, 2013. Under the Internal Revenue Code, any mortgage insurance premiums that were paid or accrued after December 31, 2013, will not qualify for a tax deduction. 12 USC 163(h)(3)(E)(iv).