5 Rules for Mortgage Insurance Tax Deductions
President Obama has signed a bill that has extended the tax deduction of mortgage insurance through
2011. Here are the rules to remember in regards to this tax deduction:
1. Your purchase or refinance loan must close before Dec 31st, 2011.
2. Household income must be $100,000 or less to get the full write off of the insurance premium.
3. The amount of the write off is reduced by 10% for every $1000 over $100k, with it phasing out at $109,000. This means if you make over $109k as a household you can not write off mortgage insurance.
4. It applies to your primary home and one other residence that the tax payer uses.
5. All forms of mortgage insurance qualify for this. So if you have a FHA or conventional loan, they qualify. If you have paid upfront mortgage insurance with a VA, FHA or USDA loan you can also use this as a tax deduction. The amount is just divided over a 7 year period.
The above is not intended as tax advice. Seek out a tax professional for advice about mortgage insurance deductions.
Many consumers who have mortgage insurance do not know they can deduct this expense on their taxes. I want to spread the word so consumers get their maximum write offs.
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