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Samson7256
LIF Infant
Member since 5/06 93 total posts
Name:
John
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PMI now tax deductible
Good news for 2007 homebuyers, specifically those looking to put down less than 20%, PMI is now tax deductible. There are however income and other restrctions (which are explained in the article) but this is still good news for people looking to buy. One note, "tax deduction applies only to mortgages that are closed in 2007. If you have a loan with mortgage insurance in 2006, you won't be able to deduct the premiums in the 2007 tax year unless you refinance in 2007"
New tax deduction created for mortgage insurance
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Posted 1/4/07 4:50 PM  |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: PMI now tax deductible
thats great - but its only for people who get a mortgage in 2007 and again NYers get shafted bc the income limit is $110K - if you are making less than that you need to have a good down payment to buy a house here!
but i guess its a step in the right direction....id still do a piggyback over PMI despite a tax reduction.
eta: sorry, typo, not 2010
Message edited 1/4/2007 5:05:26 PM.
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| Posted 1/4/07 4:54 PM |
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Samson7256
LIF Infant
Member since 5/06 93 total posts
Name:
John
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Re: PMI now tax deductible
Posted by Meaghan729
thats great - but its only for people who get a mortgage in 2010 and again NYers get shafted bc the income limit is $110K - if you are making less than that you need to have a good down payment to buy a house here!
but i guess its a step in the right direction....id still do a piggyback over PMI despite a tax reduction.
Where did you see that it only applies to mortgages closed in 2010 ? The article says it applies to 2007 mortgages.
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| Posted 1/4/07 4:56 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: PMI now tax deductible
I don't see anything about 2010?
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| Posted 1/4/07 4:57 PM |
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Samson7256
LIF Infant
Member since 5/06 93 total posts
Name:
John
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Re: PMI now tax deductible
Also, I'm not so sure that the income restrictions which was included in the draft made it into the final bill.
"With monthly PMI payments tending to run in the vicinity of $100 or more per month this will be bit of a help to homeowners who are using all of their interest rate deduction but still owing income taxes. There was a cap in the original legislation in which the amount that could be written off begins to decline incrementally when income reaches $100K, but this seems to have disappeared in the final bill. "
That's a quote from
this article that just came out today.
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| Posted 1/4/07 5:02 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: PMI now tax deductible
my bad, that was a typo, its only 2007 -
if the income restrictions don't come into play, then that would be more beneficial to LI-ers!
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| Posted 1/4/07 5:06 PM |
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tabrtm
LIF Adult
Member since 10/06 1314 total posts
Name:
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Re: PMI now tax deductible
Awesome! I can't wait to file next year taxes!!!
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| Posted 1/4/07 8:24 PM |
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veeandrich
LIF Infant
Member since 5/06 325 total posts
Name:
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Re: PMI now tax deductible
I can't believe these income limits on this give me a break  and you have to close the loan in 2007? Darn!!
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| Posted 1/5/07 10:49 PM |
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