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Deduct Private Mortgage Insurance
Homeowners who are eligible to deduct the PMI premiums paid on a mortgage can shave hundreds of dollars off their income tax bills.
If you put down less than 20% on a house, expect to be required to purchase private mortgage insurance, which protects the lender in the event you default on the home loan. That's a good deal for the lender, considering you're the one paying the PMI premiums.But PMI is also a good deal for aspiring homeowners. Many people, especially first-time buyers, can't come up with big downpayments. PMI encourages lenders to give them mortgages anyway.Don't pay PMI a day longer than you must, however. Canceling the insurance as soon as you're entitled can save you thousands of dollars. For eligible homeowners, deducting the premiums come tax time can save hundreds more.
 
Getting the PMI tax deduction
Starting with loans issued or refinanced in 2007, and continuing through 2010, you can deduct each year's premiums paid on PMI for your principal residence and for a non-rental second home. The tax break was originally good for 2007 only, but the government extended it for three years. Unless it's extended again, you won't be able to take the deduction beyond ... more

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