Mortgage Insurance Deduction Extended Through 2013
One of the perks of being a home owner, historically, has been the ability to write off a number of expenses relating to your home. This is dependent on income level as well as if it is a primary or secondary residence (not an investment property where there are a different set of rules). Some of the tax deductions for homeowners are mortgage interest, any points paid, property taxes & more recently as a part of the The American Taxpayer Relief Act of 2012; mortgage insurance. Mortgage insurance is a monthly or up front premium that all buyers putting down less than 20% are required to pay.
This deduction has been extended for homeowners with a gross adjusted income under $100,000 annually & applies to amounts paid or accrued between December 31st, 2011 & December 31st, 2013.
This is great news for the real estate community as well as those buyers that will benefit from this tax saving!
Any questions about the benefits of home ownership please contact us!
**Eligibility for these deductions should be verified through your accountant.