Will 2007 Home Buyers Remember their potential tax deduction?
Do you remember the Tax Relief and Health Care Act of 2006?
This signed legislation will allow 2007 homebuyers to deduct premiums paid for mortgage insurance. This new insurance premium deduction will only apply to mortgage insurance contracts issued in 2007.
Doug:
You are correct. This Act has been extended to 2010.
David Patterson
This legislation was recently extended - I believe until 2010 or 2011.
Hello David. Thanks you for the information. I knew that there was a change that made PMI tax deductible under certain circumstances, but I did not know that it did not apply to PMI contracts issued prior to 2006. That's good info to know, but I will continue to tell clients that they should always check with their tax adviser regarding deductibility.
Didn’t find what you were looking for? Ask a question!
More Q&A about Financing
View all »
Ask a question
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
Fair Housing and Equal Opportunity