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No they are not or the death benefit would be taxable. Since you said mortgage insurance I am assuming that you mean PMI or Private mortage insurance and not mortgage life insurance. Yes, mortgage insurance is tax deductible as of 2007. You can see the amount of PMI paid for the year on the final escrow statement that your mortgage lender sends you in December or January.

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Q: Are mortgage insurance premiums deductible on your taxes?
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Are title insurance premiums deductible on your taxes?

Most non-reoccuring closing costs can be deductible on your taxes. Check with your accountant or tax preparer for detailed information.


Can you deduct cancer insurance from your taxes?

Generally, the premiums are not deductible, and benefits would not be taxable income.


Do you have to pay taxes on premiums for an indivdual life policy?

Life insurance premiums are not tax deductible, in general. However, group life insurance premiums are deductible for a business if the death benefit is $50,000 or less. Also, using key man insurance and executive bonus mechanisms, sometimes there can be some tax advantages. But, the premium is not deductible.


Is mortgage interest deductible on your taxes?

yes on your income tax


Can you deduct life insurance premiums on taxes?

No


Can you write off health insurance premiums on your taxes?

No


Can you deduct insurance premiums on taxes?

Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.


What provides the funds needed for expenses such as property taxes homeowners insurance mortgage insurance?

Which of these provides the funds needed for expenses such as property taxes, homeowners insurance, mortgage insurance, etc.?


Can you deduct group insurance premiums on taxes?

Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.


Are taxes taken out of life insurance?

Personal life insurance proceeds are generally paid out free of income taxes as long as the premiums were paid with after-tax dollars. But if a business paid the premiums and deducted the premiums as an operating expense, then the life insurance proceeds would be taxable to the beneficiary.


Are life insurance premiums deductible on year end taxes?

No. That's why the proceeds aren't taxed as income. Answer Correct...premiums are taxable. Death benefits are generally not taxed as income. Also if it is permanent life insurance policy and has some cash value built up and you take that cash out, the amount of cash less the premiums paid into the policy ("your gain") is taxable. Additional comment: Actually, if you take your cash value out as a loan, you do not have to pay taxes on "gains" as long as the life insurance is in place, hopefully until you die.


Do you pay taxes if you are on disability and received a 1099?

It depends on how the premiums for the disability insurance were paid.