Mortgage Insurance Premiums – Entering In TaxAct
To enter your qualifying mortgage insurance premiums as an Itemized Deduction, follow the steps below.
Online
Dashboard
- From within your TaxAct return, click Deductions & Credits.
- On smaller devices, click the menu at the top left corner of your screen, then make your selection.
- Click the Your Home drop-down.
- Click Add beside Mortgage Interest & Refinancing.
- Complete the rest of the interview process.
Classic
- From within your TaxAct return, click Federal.
- On smaller devices, click the menu at the top left corner of your screen, then make your selection.
- Click the Itemized or Standard Deductions drop-down, then click Interest expenses (Mortgage Interest – Form 1098).
- Complete the rest of the interview process.
Desktop
- From within your TaxAct return, click Federal.
- Click the Itemized or Standard Deductions drop-down, then click Interest expenses (Mortgage Interest – Form 1098).
- Complete the rest of the interview process.
Per IRS Publication 530, you can’t deduct any of the following items.
- Insurance (other than mortgage insurance premiums), including fire and comprehensive coverage, and title insurance.
- Wages you pay for domestic help.
- Depreciation.
- The cost of utilities, such as gas, electricity, or water.
- Most settlement costs. See Settlement or closing costs under Cost as Basis, later, for more information.
- Forfeited deposits, down payments, or earnest money.
- Internet or Wi-Fi system or service.
- Homeowners’ association fees, condominium association fees, common charges.
- Repairs to home.