October 20, 2014

Mortgage Insurance (PMI) Tax Deductible 2013

seattle mortgage broker 300x195 new home buyers current home owners Seattle home loan information:  As the Seattle real estate market continues to heat up many homeowners are actively purchasing homes with less than 20% down.  If you do finance with less than 20% down and the loan structure does include Mortgage Insurance you could receive a tax benefit.

At the start of this year, legislation was passed allowing a tax deduction of Mortgage Insurance (PMI) for qualified borrowers.

The deduction is effective for purchase and refinances closed after December 31, 2011.  Mortgage Insurance premiums paid or accrued after December 31, 2011 and through December 31, 2013 may qualify.

Income is another qualifying factor you must fit for eligibility.

*Borrower’s with adjusted gross incomes below $100,000 may deduct 100% of their Mortgage Insurance premiums

*For borrower’s with an adjusted gross income from $100,000.01 to $110,000, deductions are phased out at 10% increments for each additional $1,000 of adjusted gross income.

Unfortunately the tax benefit is not available for all homeowners but if you fit the window of opportunity, take advantage to receive another financial benefit.

Please contact the Mortgage Reel with all of your real estate home loan scenarios, loan structuring, pre-approvals and questions.

Thank you for the continued support and trust!

 



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