For the tax years 2012 and 2013, the MI tax deduction benefits borrowers (single or filing jointly) who itemize their federal tax returns and have an adjusted gross income (AGI) of up to $100,000 per year. Homeowners in that category can deduct 100% of their annual mortgage insurance premiums. Those who are married, filing separately can deduct 50% of MI premiums with an AGI of $100,000 or less. At higher income levels, deductibility is subject to a sliding scale, with an upper income limit of $110,000.
Purchasers of a single premium MI product can only claim part of the premium during a year (the amortizing portion)—not the entire lump sum.
The rules apply to a "qualified home," meaning a primary residence or a second home that isn’t rented out.
Gary DiGiorgio
The DiGiorgio Group / R-E-OPTIONS llc
7828 Vance Dr. #202
Arvada, Co 80003
Direct 303-898-4279
office 720-242-5200 / fx 720 242 5210
Serving and selling Denver for over 11,500 days
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