PMI Insurance Tax Deductible In 2007, PMI Calculator
PMI, or private mortgage insurance, for loans over 80% loan to value will be tax deductible in 2007.
Effective for transactions closed in 2007. MI premiums paid between January 1 and December 31, 2007 may qualify for tax deductibility on borrowers’ federal tax returns as follows.
- Borrowers with adjusted gross incomes below $100,000 may deduct 100% of their MI premiums.
- Deductions are phased out at 10% increments for borrowers with adjusted gross incomes between $100,000 and $109,000.
See also:
Mortgage insurance gaining steam
PMI Tax Deduction
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