PMI is Tax Deductible Once Again.
by Keith Luedeman, CEO
1/03/2013 - Fiscal Cliff Bill Includes Provision to Make
PMI Tax Deductible Again.
Borrowers with mortgage insurance, from private guarantors or the
U.S. government, will now be able to deduct their premiums as a
result of the Fiscal Cliff legislation. This deduction had expired at the end of 2011.
With even better news, the change will apply retroactively to 2012
for homeowners making less than $110,000 a year and will remain in
force through December 31, 2013. Homeowners who were not able to put
20% down must typically pay for private mortgage insurance which
protects lenders in case of a borrower default.
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