What is the name of your state (only U.S. law)? California
Not sure this is the right forum for this question, but I have conflicting information regarding the claiming of the up-front PMI paid at closing when you purchase a home. I have been told that on a new purchase you can claim 100% of the up-front PMI, but can only claim the prepaid MI if it was allocated to the year you are filing taxes for.
I also understand that on a re-finance you have to amortize over the life of the loan or 84 months (which ever is shorter) but not for a new loan. I have also been told that regardless of it being a new loan or a re-fi the same rule applies in regards to the amortization. Which scenario is correct?
Any help would be great.
Not sure this is the right forum for this question, but I have conflicting information regarding the claiming of the up-front PMI paid at closing when you purchase a home. I have been told that on a new purchase you can claim 100% of the up-front PMI, but can only claim the prepaid MI if it was allocated to the year you are filing taxes for.
I also understand that on a re-finance you have to amortize over the life of the loan or 84 months (which ever is shorter) but not for a new loan. I have also been told that regardless of it being a new loan or a re-fi the same rule applies in regards to the amortization. Which scenario is correct?
Any help would be great.