Maryland homeowners may be eligible for a new federal tax deduction of about $300 that we haven't enjoyed in the past.
This information comes from The Mortgage Insurance Companies of America (MICA), a trade association representing the private mortgage insurance industry. MICA provides information to lenders and investors on legislative and regulatory issues and represents the industry on Capitol Hill.
According to the MICA website, many homeowners with private mortgage insurance on their home loans may be able to deduct the cost of mortgage insurance premiums for the very first time on their 2007 federal tax returns.
Who qualifies for this deduction?
Families with an adjusted gross income of $100,000 or less qualify for the full tax deduction, while families with incomes of more than $100,000 and up to $109,000 will be eligible for a reduced deduction.
Which homes qualify?
If mortgage insurance is required for your home loan, and it closes between January 1, 2007 and December 31, 2010, your PMI could be deductible in those tax years. Unfortunately, private mortgage insurance on loans that closed prior to 2007 is not deductible.
A few more details:
Visit Focon On Crofton to continue reading and find out...
- Are vacation homes eligible?
- Do you have to be a first-time buyer?
- Are re-financed loans eligible?
- Do military personnel qualify?
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Great news for Maryland homeowners!
Actually, Sally - it's news for ALL states - but I wrote it for Localism, for Maryland readers. It applies in Hawaii, too, because it's a federal tax povision.
Margaret, I'm glad you clarified that, because I was aware of it and I wondered why you specified MD Karen
Margaret- Nicely done for some important info. Katerina
Karen - I felt it was pretty clear I was addressing this to Maryland people (Posts to Localism) about a FEDERAL tax deduction, but I'm glad my comment clarified it for you.
Katerina - Thanks! You're always so positive.
this is a timely post with all of America scrambling to get their taxes done -nice job
Thanks, Thesa! Don't ask me how I stumbled upon this today, but it was news to me and I thought it might be news to some other folks, as well.