Mortgage insurance tax break extended
I believe it was Milton Friedman who said he liked all tax breaks just some more than others. (I tried googling it but I couldn’t find the exact quote.)
Anywho, Congress has extended the mortgage insurance tax break through 2010. For those of you with an AGI of less than $100,000 you can deduct the full amount of your mortgage insurance. You can write off part if you make between $100,000 and $109,000. You must have originated the mortgage between 2007 and 2010. The deduction can apply to insurance on private mortgages and/or FHA and VA loans.
When your lender sends you the yearly 1098 form look in box 4 to find the amount you paid in insurance.
By the way, mortgage insurance protects the lender in case you default, it doesn’t protect you (the buyer).
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