MI is Tax Deductible

Mortgage insurance from Genworth not only offers safety and security for borrowers who put down less than 20 percent on their new home, it's now tax deductible for loans originated between 2007 and 2010.

In 2006, Congress passed a law making MI premiums tax deductible for the first time ever. One year later, they extended that law, allowing homeowners with low down payment mortgages to deduct the cost of their MI premiums for three more years.

How It Works

The MI premium is fully deductible for those with household incomes at or below $100,000, and phases out for household incomes between $100,000 and $109,000. The graph below outlines the 10 percent reduction required for each $1,000 (or fraction thereof) of the taxpayer's adjusted gross income that exceeds $100,000.

Tax Deductibility FAQs (pdf | 54kb)

Learn more about MI Tax Deductibility

Everyone should check with their own tax advisor to see how the deduction works for them.

If you have questions about tax deductibility or any other benefits of mortgage insurance, contact your Genworth Sales Representative or call the ActionCenter^® at 800 444.5664.