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If the deduction is taken and subsequently the Member receives a refund for MI premiums, is that refund taxable as income?

April 26, 2017deduction income mi premiums refund subsequently taxable

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If the deduction is taken and subsequently the Member receives a refund for MI premiums, is that refund taxable as income?

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If the refund is for premiums that have not yet been deducted, as would generally be the case under the new provision when an upfront premium amount is amortized over the life of the mortgage insurance contract, the refund should not be taxable income to the Member.