Deduction for mortgage insurance premiums on the line
Depending on your situation as a buyer or owner, it could mean thousands of dollars in tax write-offs. Mortgage insurance premiums are charged by lenders when borrowers make less than a 20 percent down payment. In one form or another, they are an integral part of all
The insurance premiums compensate lenders and bond investors for the added risks associated with small down payments, and they often range anywhere from
But here's the problem: The current statutory authorization for this benefit to middle income owners expired yesterday. It will not be available for borrowers during 2017 and beyond unless reauthorized or given permanent authorization through congressional action.
There's a possibility this could happen if -- as expected --
That may sound like a large number, and indeed some
"I'm optimistic," said
Here's a quick review on how the mortgage insurance premium deduction works under current law, which likely won't change if it's reauthorized: You can write off 100 percent of your premium payments each year if your adjusted gross income is
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