On December 20, 2019, the President signed into law House Resolution 1865, the Further Consolidated Appropriations Act, 2020, which is now Public Law 116-94. The law extends the deduction for mortgage insurance premiums (“MIP”) retroactive to 2018, applies to amounts paid or accrued after December 31, 2017, and is set to expire once again on December 31, 2020. Mortgage lenders and servicers should take note of this extension for MIP deductibility as they prepare IRS Form 1098 for the 2019 tax year.
About Anoush Garakani
Anoush Garakani is a senior associate on Alston & Bird’s Consumer Financial Services Team. He advises on mortgage banking and consumer finance and concentrates on counseling clients on compliance with federal and state consumer financial protection laws and regulations.