Tuesday, January 22, 2013

Mortgage Insurance Tax Deduction

It's that time of the year again... didn't we just file our taxes??

Good news for homeowners who pays mortgage insurance!  The mortgage insurance tax deduction has been extended through December 31, 2013.

This is great news, because...

- Homeowners who are single or married filing jointly with adjusted gross income of $100,000 or less can deduct 100% of their qualified mortgage insurance premiums
- Taxpayers with adjusted gross income (AGI) above $100,000 may qualify for partial deductions

Unfortunately, taxpayers with AGI over $109,000 are not be eligible for this deduction.

For more information, visit irs.gov.

Till next time! <3tingtinging

All information provided here are intended as a convenient source of tax information. This information is general in nature, is not complete, and may not apply to your specific situation. You should consult your own tax advisor regarding your tax needs.

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