FHA loan insurance premium is tax deductable?
- Asked By: MoneyTactics
- Category: FHA Loan
I live in california and my current income is over 120K per year. I’m planning to purchase a house using FHA loan and one downside of it seems to be the requirement for high insurance premium. Could it be tax deductable in California?
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lucy
Posted 3 months ago
You might want to post this question under personal finance or tax category, since many accountants or tax people maybe able to answer if deductible or not.
good luck
mbrcatz
Posted 3 months ago
In some states, PMI is tax deductible.
But if you’re talking about regular homeowners insurance, for the house you live in, that is NOT tax deductible. The premium will be dependent on how much coverage you need, and ALL lenders are going to want you to insure for 100% of the cost to rebuild the house, or the full amount of the loan, whichever is less.
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I live in california and my current income is over 120K per year. I’m planning to purchase a house using FHA loan and one downside of it seems to be the requirement for high insurance premium. Could it be tax deductable in California?
Incoming search terms:
- Can I itemize my mortgage interest paid in my taxes?
- Do mortgage lenders pull credit reports multiple times during the refinance process?
- how do they calculate the mortgage payment with interest?
- How long after a foreclosure is there an auction?
- If mortgage tax & interest forms are only in my name but multiple owners can they file my forms under thir nam?
lucy
Posted 3 months ago
You might want to post this question under personal finance or tax category, since many accountants or tax people maybe able to answer if deductible or not.
good luck
mbrcatz
Posted 3 months ago
In some states, PMI is tax deductible.
But if you’re talking about regular homeowners insurance, for the house you live in, that is NOT tax deductible. The premium will be dependent on how much coverage you need, and ALL lenders are going to want you to insure for 100% of the cost to rebuild the house, or the full amount of the loan, whichever is less.
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Because I Said So
Posted 3 months ago
check irs.gov or ask your loan officer or realtor