Mortgage Insurance

Because of the uncertainty over the 2017 tax deduction for mortgage insurance premiums, taxpayers may have received a Form 1098 (mortgage interest) without the number included.

Now that Congress has decided to reinstate the mortgage insurance deduction, many mortgage lenders will be issuing corrected 1098 statements with the amount allocated to mortgage insurance premiums for 2017 in Box 5, if applicable.

Make sure to watch for the correction; if you paid mortgage insurance in 2017 but don’t see the premiums in Box 5, or if you don’t receive a corrected 1098, speak with your tax professional.