Friday, December 21, 2007

Tax Legislation Passes Again

Congress renewed for three years the legislation making mortgage insurance payments tax deductible for many homeowners.

Mortgage insurance premiums are once again fully deductible for taxpayers earning up to $100,000, and partially deductible for those with incomes between $100,000 and $109,000. This has not changed from last year. The only change is that the deduction now applies to policies written through the 2010 calendar year.

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