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Monday, December 20, 2010

Mortgage Insurance Premiums Tax Deductible Through 2011

Mortgage Insurance Premiums Tax Deductible Through 2011 ; There is some good news for those of you with mortgage insurance. As part of the tax bill just passed by Congress, mortgage insurance premiums will remain fully tax deductible for those with a household income of less than $100,000. Those with a household income of $100,000-$109,000 may be able to qualify for a partial deduction.

As part of the Mortgage Forgiveness Debt Relief Act of 2007, Congress allowed homeowner to deduct PMI premiums from their taxes. This applies to mortgage insurance policies written after Jan 1, 2007. Although this was originally supposed to be a temporary deduction, it has been extended several times.

Mortgage insurance is generally required by lenders when a borrower has less than a 20 percent down payment. Premiums typically run somewhere between .5-.75 percent of the total loan amount annually. For the latest updates PRESS CTR + D or visit Stock Market news Today

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