The TCJA did not extend this deduction. The removal of this deduction will be another roadblock to home ownership (especially in combination with the SALT deduction cap), which will negatively affect lower-income families. Landlords/businesses get to count mortgage insurance as an expense to lower their taxable income, so why can’t families claim it as a deduction? At a minimum, this deduction needs to be allowed for families under a specified income limit.
I need this deduction! I have about $8000 in Mortgage insurance for 2018 because i sold and purchased again with FHA. For all the money i have given them in my lifetime I could have purchased a beach house! Although without them, probably would have never owned a home. But the least they can do is make it deductible. Please! Lets get this going.
The increase in the standard deduction and elimination of the personal exemption by the TCJA has basically erased one of the primary benefits of buying and owning a home. It is now almost impossible to itemize deductions even by including the thousands of dollars home owners must pay annually in mortgage interest. The failure of Congress to extend the deduction for mortgage insurance premiums makes itemizing in order to reduce taxable income even more unattainable since the total itemized deductions must exceed the new much higher standard deduction amounts. Why buy a home and pay nearly $10,000 or more in mortgage interest annually then only qualify for the same $12,200 standard deduction that a renter or anyone who is not a property owner is able to claim while paying no mortgage interest at all? Congress should stop wasting so much time investigating the President and pass House Bill H.R. 284 now!