Kesyon Can you deduct mortgage insurance premiums on rental property? Repons In general, you can deduct mortgage insurance premiums in the year paid. However, if you prepay the premiums for more than one year in advance, for each year of coverage you can deduct only the part of the premium payment that will apply to that year. Report the deduction on line 9 of Schedule E (Form 1040), Supplemental Income and Loss. Plis enfòmasyon Is my residential rental income taxable and/or are my expenses deductible? Publication 527, Residential Rental Property (Including Rental of Vacation Homes) Kategori Sale or trade of business, depreciation, rentals Sou-Kategori Rental expenses