Form 1098 Question from my mortgage lender?
Written By: admin on October 18, 2009
One Comment
I received my Form 1098 from my mortgage lender. At the bottom it is says Total MIP 4.56. Is this same as PMI? Also can I claim it as a deduction as PMI?
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Tags: form 1098, mortgage lender, mortgage lenderTags: form 1098, mortgage lender
No, MIP, though the same letters as PMI, scrambled a bit, is not the same thing.
Qualified Mortgage Insurance Premiums (MIP) is premium paid for mortgage insurance on a government loan received, such as from the Department of Veterens Affairs (VA) or Federal Housing Administration (FHA).
To place it simply, these fees are deducted just as Mortgage Interest.
Phillip S Foster CPA
Dave Ramsey Endorsed Local Provider
http://www.phillipfostercpa.com/tax.html