For tax year 2016, the tax deduction for private mortgage insurance (PMI) is allowed for mortgages taken out or refinanced after Jan. 1, 2007. If certain requirements are met, mortgage insurance premiums can be deducted as an itemized deduction on your return.
If your adjusted gross income (AGI) is $109,000 or more for the year, this deduction is not allowed. This also holds true for married people filing separately, for whom the adjusted gross income limit is $54,500.
