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I didn't see this posted anywhere, but I could be wrong.
If you purchased your home with less than 20% down, you're likely paying private mortgage insurance (PMI) to protect the lender in case you default.
Until recently, PMI payments were NOT tax-deductible for the homeowner. Thanks to a new law passed earlier this year, however, you can now deduct these along with your mortgage interest.
The new deduction is good from now until 2010, but only applies to mortgages issued after 12/31/06. Also, the full deduction is limited to homeowners making $100,000 or less. (For those earning $100,000 to $109,000, a partial deduction is allowed.)
Check it out!!
If you purchased your home with less than 20% down, you're likely paying private mortgage insurance (PMI) to protect the lender in case you default.
Until recently, PMI payments were NOT tax-deductible for the homeowner. Thanks to a new law passed earlier this year, however, you can now deduct these along with your mortgage interest.
The new deduction is good from now until 2010, but only applies to mortgages issued after 12/31/06. Also, the full deduction is limited to homeowners making $100,000 or less. (For those earning $100,000 to $109,000, a partial deduction is allowed.)
Check it out!!