Tax Deduction for Mortgage Insurance Extended Through 2016
We received this message from one of our favorite mortgage loan officers:
Great news! Congress has voted to extend the tax deduction for mortgage insurance (MI) through 2016.
Remind your clients that they can deduct their MI premiums on their federal income taxes this year and next year.
Who qualifies for the tax deduction?
- Borrowers with adjusted gross incomes up to $100,000 can deduct 100% of their borrower-paid MI premiums. Deductions are reduced by 10% for each additional $1,000 of adjusted gross income, phasing out after $109,000.
- The threshold for married borrowers filing separately is $50,000 of adjusted gross income per person. Deductions are reduced by 5% for each additional $500 of adjusted gross income, phasing out after $54,500.
Paul McCausland
Mortgage Consultant
Southern Trust Mortgage
Office 301-948-5255 800-474-0387
Cell 301-461-1516
Fax (866) 593-7624
NMLS #455841
Split Rail Fence, Winter Photowalk in Kentlands IMG 9867
Photograph by Roy Kelley
Roy and Dolores Kelley Photographs
Comments(16)