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Submitted By: Marjorie
Answered: August 13, 2013 8:30 am
Answered: August 13, 2013 8:30 am
: I’m buying a home with less than 20% down and have to pay private mortgage insurance. Is this deductible for 2013?
Mortgage insurance paid in 2013 can be deductible as mortgage interest (the deduction is scheduled to expire at the end of this year). However, income limits apply to limit or prevent a deduction.
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Tax Glossary
Capital expenses
Costs that are not currently deductible and that are added to the basis of property. A capital expense generally increases the value of property. When added to depreciable property, the cost is deductible over the life of the asset.
