Published January 3, 2020

Mortgage Insurance Deduction Renewed Retroactively

Written by Jamie Reece

Mortgage Insurance Deduction Renewed Retroactively header image.

The recent passage of the latest Federal Budget (Further Consolidated Appropriations Act, 2020) included a renewal of the mortgage insurance deduction retroactively to 2017 and shall be continued through 2020.

In the past, this deduction allowed qualified tax payers to deduct their mortgage insurance premiums in a similar manner to their actual mortgage interest. With it's retroactive renewal, you may want to check to see if you're eligible to refile your 2017 or 2018 taxes to take advantage of this deduction.

For more information to determine if you're eligible to take this deduction either retroactively in 2017 & 2018, or when you file your 2019 or 2020 taxes, please visit the IRS's 'Can I Deduct Mortgage Related Expenses?' site (please keep in mind it may take a few weeks for the IRS to update based on the adoption of this new law).

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