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Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3346
Experience:  15+ years tax preparation and tax advice.
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I just purchased a new home in Nov. of 2010. On the 1098 I

Customer Question

I just purchased a new home in Nov. of 2010. On the 1098 I received from my lender, in box 4, Mortgage insurance premiums, is listed $2644. I called my lender to question how this had been calculated and was told that it is the VA funding fee not mortgage insurance premiums. Can I claim this on my 2010 federal income taxes?
Submitted: 5 years ago.
Category: Tax
Expert:  Wendy Reed replied 5 years ago.

Thank you for giving me the opportunity to assist you. I will give the best answer that I can with the information provided.



Mortgage insurance provided by the VA is also known as a funding fee. This is allowed to be deducted fully in 2010 if the mortgage was issued in 2010.


There is a possible limitation to mort. insurance premiums if your AGI is more than 100K.


For more information, see page 7:


Wendy Reed and 4 other Tax Specialists are ready to help you
Customer: replied 5 years ago.



Thank you for your assistance on this matter.

Expert:  Wendy Reed replied 5 years ago.

You are very welcome.

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