• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

The keys to mortgage insurance deductions

by on
in Small Business Tax

Q. Can you still deduct the mortgage insurance premiums required to own a home? Hillsboro, Ore.

A. Yes. The itemized deduction for mortgage insurance, which was set to expire after 2010, was extended for one more year through 2011 by the 2010 Tax Relief Act. Note that mortgage insurance is generally required for borrowers who provide a down payment of less than 20% of the home’s purchase price. Normally, the insurance for a $100,000 loan will run you $50 to $55 per month.

Tip: The mortgage insurance deduction is phased out for taxpayers with an adjusted gross income (AGI) between $100,000 and $110,000.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/17550/the-keys-to-mortgage-insurance-deductions "

Related Articles...

    No matches

Leave a Comment