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Yes...100% with you. LMI is a BS insurance. The lender forces a borrower to take insurance that merely pays the LENDER if the value of the property doesn't cover the loan. In such a case the insurer then seek recovery of their loss from...the borrower. So the borrower may have paid a premium AND...

If the premium is deductible any refund would be an assessable amount. And not over 5 years either :-)