Mortgage Insurance, tax write off through 2010
A provision that allows homeowners to treat mortgage insurance premiums the same as interest is in place through at least 2010. The deduction applies to mortgage insurance premiums paid or accrued, including for prepaid MI, on acquisition (not on refinancing) debt.
The deduction is phased out for taxpayers (both single and married filing joint returns) with adjustable gross incomes over $100,000. © 2007, Real Estate Information Services, Capitol Assets & Choice Finance®
Contributing writer & Loan Officer for Maryland, Virginia, D.C.
Eric Strasser, 301-996-5001