Mortgage Insurance Premium Deduction
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MORTGAGE INSURANCE PREMIUM DEDUCTION
FOR FIRST-TIME HOME OWNERS IN 2007
If, in 2007, you buy your first home, you may be able to deduct all or part of the mortgage insurance premium. Mortgage insurance is generally required if you pay less than 20% down on your home purchase. In the past, piggyback loans at a higher interest rate were sometimes used as a way around having to pay the mortgage insurance. Now it may be better to pay the insurance premium if you qualify to deduct it.
WHO CAN DEDUCT IT?
You must have an Adjusted Gross income of under $ 100,000 to deduct it in full
If your Adj Gross Income is between $100,000 and $110,000 you may be able to deduct part of it. You cannot deduct any part of it if you have purchased a home in the past.
If you are contemplating a home purchase, check with your tax advisor for further details.
This deduction does NOT APPLY if you bought your home BEFORE 2007.
If you need IRS forms or publications:
http://www.irs.gov/formspubs/index.html
This information is not intended to be advice to the recipient.In compliance with Treasury Department Circular 230, unless stated to the contrary, any Federal Tax advice contained in this Blog was not intended or written to be used and cannot be used for the purposes of avoiding penalties.
To view the full web site of TAX MAN, click: http://wwwtaxman.blogspot.com/ which will contain additional information, better viewing and linkage to other sites..
MORTGAGE INSURANCE PREMIUM DEDUCTION
FOR FIRST-TIME HOME OWNERS IN 2007
If, in 2007, you buy your first home, you may be able to deduct all or part of the mortgage insurance premium. Mortgage insurance is generally required if you pay less than 20% down on your home purchase. In the past, piggyback loans at a higher interest rate were sometimes used as a way around having to pay the mortgage insurance. Now it may be better to pay the insurance premium if you qualify to deduct it.
WHO CAN DEDUCT IT?
You must have an Adjusted Gross income of under $ 100,000 to deduct it in full
If your Adj Gross Income is between $100,000 and $110,000 you may be able to deduct part of it. You cannot deduct any part of it if you have purchased a home in the past.
If you are contemplating a home purchase, check with your tax advisor for further details.
This deduction does NOT APPLY if you bought your home BEFORE 2007.
If you need IRS forms or publications:
http://www.irs.gov/formspubs/index.html
This information is not intended to be advice to the recipient.In compliance with Treasury Department Circular 230, unless stated to the contrary, any Federal Tax advice contained in this Blog was not intended or written to be used and cannot be used for the purposes of avoiding penalties.
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