Is 2014 PMI tax deductible?

PMI is Private Mortgage Insurance.  It is a premium paid by the homeowner to lower the risk of the mortgage holder since equity % is below their requirement (generally 20% required).
 

So, is PMI tax deductibe in 2014?

 

MAYBE.  So many of the laws for the last couple of years have been unknown until December, and then made retroactive by Congress.

 

American Taxpayer Relief Act of 2012 extended this provision (deducting MIP) until the end of 2013 as part of fiscal cliff negotiations.

 

But it expired in 2014, and unless the Senate Finance Committee’s tax extenders package (EXPIRE Act of 2014) gains approval, homeowners won’t be able to deduct PMI paid this year (or next).

 

If it does pass, it will apply to mortgage insurance premiums paid in 2014 and 2015…. At least that is my guess.

 

Is that answer ambiguous enough?

 

Lonnie