Mortgage Insurance is Still Tax Deductible through 2013!
MI Tax Deductibility passed as part of the American Taxpayer Relief Act of 2012. This allows MI to be tax deductible for 2012 and 2013.
The provision extends the ability to deduct the cost of mortgage insurance on a qualified personal residence. The deduction is phased-out by 10% for each $1,000 by which the taxpayer’s AGI exceeds $100,000. Thus, the deduction is unavailable for a taxpayer with an AGI in excess of $110,000. The bill extends this provision for two additional years, through 2013.
To learn more, visit www.mgic.com/taxdeductible.