mortgage insurance premium

[grandmabee]

I have some upfront mortgage insurance premium paid. I know it must be amortized over 84 months but where is that done in ATX. points have their own worksheet. do I just do my self and keep track of or is there a space.

thanks,

[chuck]

That is what I have been doing. I make a note in my file and list the years info that will be used later. I have not found a place within the program like the points you mentioned.

[MAMalody]

Mortgage insurance premiums are treated as deductible mortgage interest. The premium may be deductible, in full, for the year of acquisition. The deduction is phased out ratably by 10% for each $1,000 (or fraction thereof) by which the taxpayer’s AGI exceeds $100,000 ($500 and $50,000 respectively for MFS). The deduction is not allowed when AGI exceeds $109,000 ($54,000 MFS). The mortgage insurance must be in connection with home acquisition debt, and the insurance contract must have been issued after December 31, 2006.

[MAMalody]

Oops. I didn't notice that you were talking about prepaid premiums. Sorry.