Thursday, January 11, 2007

New! PMI Tax Deduction!

Some home buyers may be impacted by a mortgage insurance premium provision of the Tax Relief and Health Care Act of 2006. The provision creates a limited deduction for private mortgage insurance (PMI) premiums that only applies to policies issued in 2007 for homes purchased in 2007. It is available to home buyers with less than $100,000 adjusted gross income on a joint or single tax return.

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