Skip to main content

Income Tax Deductions for (some) PMI payments extended until 2010

Most recent news relating to the costs home buyers must pay has been bad. Its not only getting harder to obtain the mortgage financing, its getting more expensive to do so. Finally, some good news for at least some of us. The Feds have finally gotten around to extending the income tax deductability of private mortgage insurance (PMI) through 2010.

The tax deduction is available to mortgagors

(1) of a personal residence and a non-rental second home,

(2) that originated after January 1, 2007.

(3) for the purchase or refinance, provided that the loan amount did not exceed the acquisition loan amount.


(4) BUT ONLY IF your family may earns no more than $100,000 per year. If your family’s income is over $109,000, the PMI deduction will not apply. The deduction is reduced by 10% for each additional $1,000 of household income, in between.


hey - its better than nothing!

Comments

Popular posts from this blog

The Equifax data breach and you — 6 steps to take now

Identity thieves hit a major credit reporting agency—hard. Millions of consumers’ confidential identity information has been compromised.

Equifax, one of the big three credit reporting agencies announced that a massive security breach took place earlier this year. Offenders accessed data sets of 143 million US consumers.

What to do when drones fly near your home

Imagine a quiet evening on the deck of your new home when—out of nowhere—a noisy drone begins hovering around your property, almost certainly snapping photos or video. It’s like Space Invaders meets Gladys Kravitz. So what do you do?

Help! My Neighbor’s Old Tree is Growing Over my Roof

Let’s say about 100 years ago, a family planted an oak tree on the edge of their property. Over generations it’s grown into a magnificent tree that provides summer shade, autumn color and a swing for the neighborhood kids. You probably even liked the tree when you bought the house next door to it.

But today, its root system is invading your basement, its acorns bombard your yard and its huge limbs loom threateningly over your roof. By law, can you cut it down? Trim it? Turn it into a boat?