Friday, January 05, 2007

Mortgage insurance tax deductible in '07

I almost missed this small but important nugget from the 109th Congress as it was headed out the door (shed a tear for ole Denny Hastert). Mortgage insurance will be tax deductible in 2007.

The change applies to mortgages closed in 2007. And there's an income limit of $100,000. UNLESS CONGRESS ACTS TO RENEW, THIS IS ONLY EFFECTIVE IN 2007!!

So run the numbers, larger loan with mortgage insurance versus the old 80/20 piggyback.

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