Everyday Tax Tips

Mortgage Insurance Premiums (MIP)

by Feb 12, 2016Tax Tips0 comments

Image of (Ms. Tax) Alyda Thornton with her cheek resting on here hand

Mortgage Insurance Premiums (MPI)

So you bought a new house and wasn’t able to make that hefty down payment and now the bank would like you to pay mortgage insurance (MIP). While those premiums are often small in relation to your overall payment, those amounts do add up. But lucky for you, your super awesome tax professional informed you of the mortgage insurance premium deduction! Don’t have a tax professional? Ask Ms. Tax!