Tax Deductible Private Mortgage Insurance (PMI)

Although the details and sources aren't abundant at this time, I was able to confirm from several sources that the payment of private mortgage insurance (PMI) will become tax deductible beginning in 2007. I originally heard about it in a snippet of information e-mailed to me from SCME Mortgage.

From there I began my search for further information"..

The omnibus tax bill"? that passed through Congress this past weekend will make this tax benefit available in 2007.

As always, there are conditions on home owners who will benefit from this. For starters, the loans must be originated on or after January 1, 2007. In addition, the borrower(s) must have an adjusted gross income of $100,000 or less. These home owners will be able to deduct the insurance premiums just as they can for interest paid on a mortgage loan.

It might be a good idea to think about refinancing if you have a home equity line Or 2^2nd trust deed."?Combining the loans into a single mortgage could benefit you quite a lot!

Read more on the subject by following this link: http://southerncaliforniamortgageblog.com/marysupinger/2006/12/14/tax-deductible-private-mortgage-insurance-pmi/#more-13