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PMI tax deduction will help homeowners in Colorado Springs

By in Buying

You are probably paying Private Mortgage insurance (PMI) if you put less than 20% down on your home purchase; PMI protects your lender in the case buyers default on their loan.In addition to the initiation of the Mortgage Forgiveness Debt Relief Act of 2007, President Bush extended the PMI tax deduction through 2010.  Homeowners are eligible for the full deduction if their loan was originated no earlier than December 31, 2006 and if their adjusted gross income is $100,000 or less. Speak with a CPA if you have inquiries about the PMI deduction on your tax return.

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