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If I own a rental property on which I have to pay PMI, can I deduct that payment from my schedule E rental income? I know that PMI isn't deductible for homeowners, but it seems like it might be a deductible rental expense. I also should be able to deduct the interest I pay on the mortgage for the property, correct?

Yes, deduct the PMI on Schedule E along with the mortgage interest, property taxes, hazard insurance and all other ordinary and necessary expenses related to the rental.

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