For a taxpayer with adjusted gross income of $56,000, private mortgage insurance (PMI) is deductible in 2016.

Question

​For a taxpayer with adjusted gross income of $56,000, private mortgage insurance (PMI) is deductible in 2016.

Quizplus · Accepted Answer

According to the Internal Revenue Service, PMI is deductible for taxpayers with adjusted gross income below $100,000, and the deduction begins to phase out for those with incomes between $100,000 and $109,000. Therefore, a taxpayer with an adjusted gross income of $56,000 would be eligible to deduct their PMI in 2016.

​For a Taxpayer with Adjusted Gross Income of $56,000, Private

For a Taxpayer with Adjusted Gross Income of $56,000, Private