PMI on A Home Loan May Be Tax Deductible Through 2010!
This is an update I received from one of our local lenders today. It is important since we need every tax deduction we can get these days! Please contact your tax advisor &/or mortgage loan service company for more details. The information is as follows:
"Borrowers whose annual adjusted gross income is $100,000 or less can deduct their mortgage insurance premiums from their 2007-2010 federal income tax returns for homes purchased or refinanced during this timeframe. Borrowers with incomes between $100,000 and $109,000 are eligible for a reduced tax break under the law.
The tax deduction will be available through 2010. Your customers loan mortgage servicer is responsible for reporting the total PMI premium paid by the borrower each year."
--Received from McClain Bank, Norman, OK