New Tax Deduction for Mortgage Insurance
Mortgage insurance will be tax-deductible in 2007. For some homeowners, the new law means it will cheaper to get mortgage insurance instead of getting piggyback loans.
The 109th Congress passed the tax law in its final hours. Hundreds of thousands of homeowners will save a total of $91 million when they file their tax returns in 2008, according to estimates prepared by the mortgage insurance industry.
"This is really going to help close to a million Americans who will buy a home next year using mortgage insurance..." MORE.
Note: Southern California Home does not give tax advice. Information furnished by third party. Information from source considered reliable, but information not warranted or guaranteed. Please note caveats at bottom of article.