Mortgage insurance premium deduction - 1/1/2007

The legislation allows taxpayers who itemize their deductions to deduct premiums paid for mortgage insurance - which typically is required when home buyers purchase their homes with less than 20 percent down.

Currently, only the interest paid on one's mortgage is deductible if the taxpayer itemizes deductions.

The new insurance premiums deduction will only apply to mortgage insurance contracts issued in 2007 and is only available to taxpayers whose adjusted gross incomes do not exceed $110,000 ($55,000 for married taxpayers filing separately).

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