Wednesday, January 31, 2007

Private Mortgage Interest Now Deductible

Private Mortgage Interest (PMI) is now tax deductible. The Tax Relief and Health Care Act of 2006 (H.R. 6111) included provisions which allow homeowners to deduct their PMI on mortgages aquired after December 31, 2007. There are some caveats:

  • Incomes under 100K means full deduction. Incomes over 100K get a smaller deduction.
  • Only applies to mortgages aquired in 2007
  • Tax break will only be for 2007 (unless there provisions are extended)

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