Is their a grandfather period for tax deductiable premium mortage insurance?

Asked by Robin, California Fri Jan 30, 2009

I closed my home loan on 10/23/06 premium mortagae insurance was a condition of closing----did the IRS provide a grandfather I can not discontinue my premium mortgage insurance because of the market value/devalue??? I want to deduct my PMI from 1040 but it appears that I am limited to loan closings in 2007??? Is their a grandfather period????

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Steven Ornel…, Agent, Fremont, CA
Sat Jan 31, 2009
Hi Robin, sorry, there is no grandfather period:

The tax deduction appears to only apply to mortgages that were closed in 2007. If you had a loan with mortgage insurance in 2006, you won't be able to deduct the premiums for the 2007-2010 tax year unless you refinanced in 2007. There are also income limits. You get the full deduction if your adjusted gross income is $100,000 or less. The amount you can deduct phases out rapidly after that, and no mortgage insurance deduction is available if you make more than $110,000.

You should also consult a tax professional to confirm what I have provided here is completely accurate (everything is in a state of fluctuation these days).

Best, Steve
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