Mar 31
Homeowners Take First-Ever Tax Deduction for Mortgage Insurance
If you haven’t filed your taxes already, April 14 is right around the corner. There are many tax deductions you can take and for the first time you can claim your mortgage insurance premiums on home loans that closed in 2007.
The tax deduction was first approved by Congress in late 2006 and applied to loans with mortgage insurance that closed in 2007. In an important move to further assist borrowers, Congress voted in December of last year to extend the mortgage insurance tax deduction through 2010. Extension of the tax deduction for mortgage insurance premiums was part of the Mortgage Forgiveness Debt Relief Act of 2007.
The deduction allows households with an adjusted gross income of $100,000 or less to deduct the full cost of their government or private mortgage insurance premiums on their federal tax returns. Families with incomes between $100,000 and $109,000 are eligible for a reduced deduction. For more information about the new deduction visit www.privatemi.com.
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