Loan Mortgage Insurance is a fact of life for many property investors. If you need to pay the insurance on a loan on an investment property, make sure you claim it as a tax deductible expense. You can deduct the expense over five years or, if the loan is for a briefer period, for the period of the loan.
If you add the cost of the insurance to your home loan, the interest you pay on it will also be tax deductible.