No they are not or the death benefit would be taxable. Since you said mortgage insurance I am assuming that you mean PMI or Private mortage insurance and not mortgage life insurance. Yes, mortgage insurance is tax deductible as of 2007. You can see the amount of PMI paid for the year on the final escrow statement that your mortgage lender sends you in December or January.
Well it depends on what kind of mortgage.
NO. Life insurance premiums would NOT be deductible on your 1040 federal income tax return.
No. Money, borrowed or not, to purchase a home is not tax deductible...the interest on the mortgage secured to the property may be.
If you were to take out a home equity loan and pay for the mortgage recording tax, it would be deductible and the IT-256 form must be used to claim it.
No they are not or the death benefit would be taxable. Since you said mortgage insurance I am assuming that you mean PMI or Private mortage insurance and not mortgage life insurance. Yes, mortgage insurance is tax deductible as of 2007. You can see the amount of PMI paid for the year on the final escrow statement that your mortgage lender sends you in December or January.
If you are talking about PMI (Private Mortgage Insurance for those who put less than 20% down on their purchase), that should be deductible if the mortgage originated in 2007 or later. If you are talking about homeowner's insurance (fire, burglary, liability), that is never deductible for your personal residence no matter who placed it. If it is a business or investment property, it would be deductible like any other business/investment expense.
Insurance for one's personal property such as auto or homeowner's insurance is tax deductible. Other tax deductible insurances are medical and dental insurances.
In Australia, Private school fees are not tax deductible.
Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.
Not deductible on your federal income tax return.
No.
Well it depends on what kind of mortgage.
yes on your income tax
NO. Life insurance premiums would NOT be deductible on your 1040 federal income tax return.
If you are self-employed you likely will be able to claim your travel insurance as a deduction. If you are not self-employed a portion of the travel insurance may be tax deductible.
If you are referring to a MEDICAL/HOSPITALIZATION insurance co-pay, yes, that is deductible as a medical expense. And on property/casualty insurance, it may be deductible as a casualty loss.