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Congress has once again extended legislation that makes mortgage insurance tax deductible for many Americans.

By Anthony Stokes-Pereira

Real Estate Agent with Better Homes and Gardens Rand Realty

January 29, 2011 02:35 AM

News Update

Congress has once again extended legislation that makes mortgage insurance tax deductible for many Americans. The new legislation ensures the tax deductibility of mortgage insurance on purchase and refinance loans for qualified borrowers through 2011 - FHA is not included.

The legislation itself is no different than what was passed in 2007. MI premiums are still fully deductible for taxpayers earning up to $100,000, and partially deductible for those with incomes between $100,000 and $109,000. The only difference is that the deduction now applies to policies written through the 2011 calendar year.

Extending MI tax deductibility is an important win for many reasons:.

• Tax relief is much needed in a time of struggling economic recovery, and continues to help protect the dream of homeownership for many.

• Mortgage insurance is not only safe and predictable, but it's also cancelable and packed with features borrowers want today, including Genworth's Job Loss Protection, Homeowner Assistance Program and homebuyer education discounts.

• Consumers today have an increased understanding of how mortgage insurance can benefit them, and the extension of MI Tax Deductibility will help continue that trend.

Anthony Stokes Pereira, Better Homes and Gardens Rand Realty

I can help you with every aspect of buying or selling your home because I'm experienced, because I am a Better Homes and Gardens Rand Realty Real Estate Professional . . .and because I care.

As your Better Homes and Gardens Rand Realty Sales Professional, I will provide you with the information you need to make an educated decision.

The relationship between a home buyer or seller and their agent is based on trust, shared goals and understanding. I strive to continually improve and to do this I listen and take the needs and wants into consideration.

For assistance with any of your real estate needs, please contact me, whether it's to get started on helping you realize your goals and dreams, or just to ask a question - no pressure, no hassle, no obligation - just a friendly conversation. I would welcome the opportunity to make a difference for you.