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Marvin,EA, Enrolled Agent
Category: Tax
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Experience:  Enrolled to Represent Taxpayers Before The IRS
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In April of this year, I refinanced my home loan, it was previously

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In April of this year, I refinanced my home loan, it was previously a adjustable rate loan. there was a prepayment penalty when the old loan was paid off. I have read that prepayment penalties are tax deductable are they? and also the new loan is a 30 yr fixed FHA loan, and I had to pay a pre paid mortgage insurance premium of 2,000.00 up front, I was told this was also tax deductable, is this so?
Hello and thank you for using Just Answer. You can deduct the prepaid mortgage insurance premium on Sch. A ( .   You should receive a Form 1098 for the insurance premium paid.   A penalty paid for prepaying a mortgage debt is deductible as interest on Sch. A.
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