Deducting PMI When You File Your Taxes
Private mortgage insurance (PMI) can be a very expensive cost associated with paying your mortgage. And though you could deduct mortgage interest from your taxes, until Congress approved the Tax Relief and Health Care Act of 2006, you could not deduct PMI.
When you don't have enough money for a full 20 percent down payment and need to finance more than 80 percent of the value of the home, lenders are required to charge PMI. It is a fee they charge to protect themselves in case the borrower defaults–in case the borrower fails to pay back the loan.
Homeowners whose household income is $110,000 or less will probably be the ones to benefit the most from this Act since they will be able to deduct the full mortgage insurance premium from their taxes. The deduction gets reduced by 10 percent for every $1,000 over the $110,000 amount.
Most homeowners and home buyers who want to avoid paying mortgage insurance had to get a piggyback, or second mortgage, to cover the amount they couldn't finance with their first mortgage. Since everyone's individual situation is different, this is still a viable option for some. However, some second mortgages come with adjustable rates, hence payments that could increase when the rate adjusts.
Now, it's possible to get a first mortgage for more than 80 percent of the home value without having to get a second mortgage. And while you'll still have to pay PMI, you may be eligible to deduct it, along with your mortgage insurance if you closed on a home purchase or mortgage loan refinance after January 1, 2007 when you file your 2007 tax returns. However, the bill signed by Congress may expire on December 31, 2007, unless Congress opts to renew it.
To find out whether you are eligible to deduct private mortgage insurance from your taxes, you should always consult your tax advisor.
If there is any area of the home buying process that you have a question about and would like for us to post a tip about it here, leave us a comment or question below and we'll cover that for you in a future post.
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