Did you purchase a home last year and you had to take out private mortgage insurance (PMI)?

This will be the first time that you will be able to deduct the full premium on this year's federal tax return if your
adjusted gross income is $100,000 or less. Families with incomes between $100,000 and $109,000 are eligible for a reduced deduction. According to Kevin Schneider, president of the Mortgage Insurance Companies of America (MICA), this year's tax break could be worth $350.00 per taxpayer - an annual deduction that qualified homeowners can take each year through 2010.
Congress approved this tax deduction in late 2006, which applied to loans with mortgage insurance that closed in 2007. Congress also voted to extend the mortgage insurance tax deduction through 2010, this extension was part of the Mortgage Forgiveness Debt Relief Act of 2007.
Petra Norris - CDV TransAtlantic, Inc. - Licensed Florida Real Estate Broker -
P.O. Box 92050 -
Lakeland, FL 33804
(863) 619-6918
I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact Petra Norris - REALTOR at 863-619-6918. If you’re new to Lakeland, I’d especially like to extend a warm welcome. I value my clients and provide them with honest, reliable service. Allow me to introduce you to the Lakeland real estate landscape and all it has to offer.






picture provided by Dawn Kahre