Is mortgage insurance tax deductible in 2020?
- The maximum principal amount on which mortgage interest is deductible is $750,000 .However, the maximum amount of $1 million is ($500,000 if married filing separately) is possible in case you are deducting mortgage interest from indebtedness incurred before December 16, 2017
- The mortgage is backed by either a primary residence, second/vacation home, or by home equity debt that was used to substantially improve one of these residences.
- You can not deduct the interest paid on investment property mortgages.
- Home equity debt is eligible only if was taken for making improvements to your home.