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Supersize mortgage insurance deductions

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in Small Business Tax

The new mortgage debt forgiveness law extends the deduction for qualified mortgage insurance premiums through 2010. A new IRS ruling explains how to write off prepaid premium costs. (IRS Notice 2008-15)

Under the new Notice, you can allocate premiums over 84 months instead of the mortgage term. That will generally provide a bigger deduction. Reminder: Only taxpayers with an AGI of $109,000 or less qualify for deductions.

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