Mortgage Insurance Premiums

[clay]

I have noticed that many 1098s for mortgage interest from the banks do not include amounts paid for MIPS.

I read in the Kiplinger Tax Letter that many banks had the form for the 1098s printed without a line for MIPS because the deduction expired in 2012, and many banks decided to use the forms they had instead of adding the line back in when Congress renewed the deduction as part of the fiscal cliff legislation. I had two returns so far where the MIPS on mortgages issued after 2006 was paid but not shown on the 1098. In 2011 the 1098 for the same clients showed the amount paid for MIPS. And there was no line on their 2012 1098 for the MIPS.

[taxtrio]

I've noticed the same... Another question we have to ask!

Taxtrio

[Jack from Ohio]

Many institutions had changed the format of their 1098INT forms before the tax law was made retroactive. If the client had it last year, they probably have it this year. For new clients or refi, you just have to ask.

[joanmcq]

Yup, I noticed this right away; and it was posted on the official ATX board. I just love adding up all the payments....

[Guest Taxed]

A lot of banks are sending a letter along with the 1098 INT that has the mortgage insurance premium. Also most banks that allow online access to the mortgagor will let them print a report that has the YTD interest and mortgage insurance paid.