Mortgage Insurance Premiums Deductible For 2007

December 12th, 2006 categories: Tampa Real Estate, News on Interest Rates

From First Security Mortgage (thanks Craig)
The legislation allows taxpayers who itemize their deductions to deduct premiums paid for mortgage insurance - which typically is required when home buyers purchase their homes with less than 20 percent down.

Currently, only the interest paid on one’s mortgage is deductible if the taxpayer itemizes deductions.

The new insurance premiums deduction will only apply to mortgage insurance contracts issued in 2007 and is only available to taxpayers whose adjusted gross incomes do not exceed $110,000 ($55,000 for married taxpayers filing separately).

 

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