Tax Deduction for Mortgage Insurance

A new tax deduction allows qualified families to write-off premiums for private and government mortgage insurance on loans that close in 2007.

According to privatemi.com, “Families with a household income of $100,000 or less will be able to deduct the full premium cost of PrivateMI in 2007, while families earning up to $109,000 can qualify for a reduced deduction.”

For answers to the most frequent questions regarding the deduction click here.

You should also consult with your tax advisor to determine your eligibility for this deduction.