Mortgage Insurance Tax Deductibility
Your mortgage insurance payment may be tax deductible!
Congress has extended legislation that allows borrowers with income less than $110,000 to deduct at least a portion of the mortgage insurance cost.
- Effective for both refinance and purchases closed after 12/31/2014. Deduction is available for mortgage insurance premiums paid or accrued between 1/1/2015 and 12/31/2016.
- If your Adjusted Gross Income (AGI) is less than or equal to $100,000 you may deduct 100% of your mortgage insurance payments.
- The deduction is phased out by 10% for each additional $1,000 of income you report (if your AGI is $101,000 you can deduct 90% of your PMI; if your AGI is $105,000 you can deduct 50% of your PMI).
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