Private mortgage insurance premiums are tax deductible again on federal returns starting in tax year 2026. The deduction was reinstated permanently as part of the One Big Beautiful Bill Act signed on July 4, 2025. PMI premiums are now treated as deductible mortgage interest for homeowners who itemize. The full deduction is available to those with adjusted gross income under $100,000, with a phaseout above that threshold. The deduction applies to premiums paid on loans originated after December 31, 2006, for primary and secondary residences.
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