My yearly income is less than $80000 but my joint income goes 150000+. If i file married filing separately, will i be able to claim PMI? I think there is income limit to claim it but i am not sure of it.
Finally, while there is no limit on the amount of PMI premiums you can deduct, the amount might be reduced based on your income. When adjusted gross income, or AGI (the amount shown on line 38 of Form 1040), hits more than $100,000 for single, head of household or married filing jointly taxpayers, or $50,000 for a married persons filing separate returns, the PMI deduction begins phasing out. The deduction is reduced by 10 percent for each $1,000 over the AGI limit and disappears completely for most homeowners whose AGI is $109,000 or $54,500 or married filing separately taxpayers. The Schedule A instructions include a work sheet (page A-7) for affected homeowners to determine their lower PMI deduction. Read more: Deducting private mortgage insurance payments
Based on this information, i guess i am SOL. If you can add something to it or know any other way to claim it, please feel free to comment or answer