You are currently browsing the tag archive for the ‘tax deduction extension’ tag.

It has been a rough year for the real estate market & mortgage industry.  But this week there was some good news, the US Congress extended legislation that makes mortgage insurance payments tax deductible until 2010.  This legislation is one of the “bright spots” that will really help new and existing homebuyers for the next three years.  Deducting the cost of mortgage insurance tax returns is expected to SAVE eligible borrowers $200 – $400 a year.  The tax legislation, originally approved in December 2006, is basically the same expect for the three year extension.  Borrowers whose annual adjusted gross income is $100,000 or less can fully deduct their mortgage insurance premiums from their 2007 – 2010 tax returns for homes purchased or refinanced during those time frames.  Borrowers with incomes between $100,000 and $109,000 are eligible for a reduced tax break under the law.  You can contact me if you further questions.

Below are some great links and a video that really help explain & understand mortgage insurance (MI) and last year’s tax legislation.

MarketWatch:  Explaining The Tax Status of Mortgage Insurance

Wikipedia – Mortgage Insurance

News Story – One Step Closer To The American Dream!

Good Luck,

HomeBuyer Advocate Mike

AddThis Social Bookmark Button

Buyer's Resource Realty Services 7100 N. High St. Suite 204 Worthington, OH 43085
614.321.9577

Michael Marshall – Angie’s List Super Service Award 2013!

Get Informed Now!

Hip & Cool Counter

  • 100,287 Satisfied Customers!

HomeBuyer Advocate Mike


Representing People, NOT Property in Columbus, Ohio. If you are a home buyer, then you need me to protect you. I can help you get the best price and terms for your next home purchase. You must use a true Buyer Broker! 1.614.805.7607

SEARCH HOMES!

Categories

May 2019
M T W T F S S
« Feb    
 12345
6789101112
13141516171819
20212223242526
2728293031  
Zillow Home Value Index

Archives

Follow Me on TWITTER!

%d bloggers like this: