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PMI/MIP Tax Deduction Passed As Part Of The American Taxpayer Relief Act
PMI/MIP Tax Deduction Passed As Part Of The American Taxpayer Relief Act.  Much has been written about the Fiscal Cliff, and the impact that it would of had on homeowner if provision that impacted homeowners were not extended, such as:
Increase in Capital-Gains Tax Expiration of Mortgage Interest Deduction Expiration of Mortgage Debt Forgiveness Act Bailout of Federal Housing Administration However, one provision that has not gotten much attention, is one that is a part of the American Taxpayer Relief Act.  If the American Taxpayer Relief Act had not been extended, a huge number of lower to mid income homeowners would have been impacted, and lost a very valuable tax deduction.
Included in the American Taxpayer Relief Act, is a provision which allows homeowners who are paying Private Mortgage Insurance (PMI) or a FHA Monthly Insurance Premium (MIP) as part of their Monthly Mortgage Payment on their Primary Residence, and/or a Non-Rental Second Home to deduct the PMI/MIP from their Income Tax.  The amount of the deduction is connected to individual and/or marital income.

As you can see from the chart above the deduction is reduce by 10% for each $1,000 of the the homeowners Adjusted Gross Income (AGI) exceeds ... more

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