Mortgage Insurance Premium Deduction

Are you taking all the deductions off your income taxes that you’re entitled to? If you itemize your deductions, you are entitled to deduct mortgage insurance premiums – just as you do mortgage interest.

Back in 2007, the federal government enacted a provision to allow for homeowners to take mortgage insurance premiums as a deduction on their income taxes. The deduction is phased out at certain income levels – if AGI exceeds $109,000, however, a single taxpayer or couple may make up to $100,000 and still get the full deduction.

The deduction expires at the end of 2011 and may not be extended. So, at this time, only payments that you make during 2011 are deductible.

The deduction should appear on the mortgage interest statement that you receive from your lender. So be sure to check the form before you do your taxes and take the deduction.

Posted In Blogroll, Real Estate Info

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