New Tax Deduction For Mortgage Insurance

Mortgage insurance is a premium charged to borrowers of private and government loans when their down payment is less than 20 percent. Up until now, there was no benefit to the borrower. Late passing legislation by the 109th Congress has made mortgage insurance premiums trax deductible starting in 2007. This means the premiums can be treated like the mortgage interest deduction on annual tax returns. Full story…

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