If you put less than 20% down when buying your home, you most likely have to pay private mortgage insurance, or PMI.

The deduction for PMI has been set to expire several times and has been extended by Congress each time. It hasn’t been made official yet, bu once approved, the PMI deduction essentially allows you to treat your mortgage insurance premiums as interest for tax purposes.

The mortgage interest deduction is still an itemized deduction, which means that in order for it to make sense to use, your itemized deductions (including mortgage interest) need to be greater than the standard deduction.

Here is the bad news. The Tax Cuts and Jobs Act nearly doubled the standard deduction, and as a result, fewer people will be able to use the mortgage interest deduction.

For 2018, the standard deduction for single folks is $12,000 and for a married couple, it is $24,000.