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This bill would make the tax deduction for mortgage insurance premiums permanent. That means people who pay for mortgage insurance when buying a home could continue to deduct those costs on their federal taxes instead of losing the deduction after a set date. The change is meant to help homebuyers, especially those who put down a smaller amount and need mortgage insurance to get a loan.
- The deduction would apply to mortgage insurance premiums paid or earned after December 31, 2024.
- The bill changes the tax code so this deduction would no longer expire.
Official Summaries
Mortgage Insurance Tax Deduction Act of 2025
This bill reinstates and makes permanent the itemized tax deduction for mortgage insurance premiums.
Under current law, only premiums paid before 2022 (and after 2006) for qualified mortgage insurance (mortgage insurance provided by Department of Veterans Affairs, the Federal Housing Administration, the Rural Housing Service, and certain private mortgage insurers) in connection with obtaining a mortgage may be deducted as an itemized tax deduction. (Some limitations apply.).
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 918 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 918
To amend the Internal Revenue Code of 1986 to make permanent the
deduction for mortgage insurance premiums.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 4, 2025
Ms. Brownley introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to make permanent the
deduction for mortgage insurance premiums.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Mortgage Insurance Tax Deduction Act
of 2025''.
SEC. 2. DEDUCTION FOR MORTGAGE INSURANCE PREMIUMS MADE PERMANENT.
(a) In General.--Section 163(h)(3)(E) of the Internal Revenue Code
of 1986 is amended by striking clause (iv).
(b) Effective Date.--The amendment made by this section shall apply
to amounts paid or accrued after December 31, 2024.
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