Good Evening, lots of folk are concerned about living off of a dwindling income and the potential impact of upcoming spending cuts. For one additional year many can still claim the premium cost of mortgage insurance on their income taxes.
I always look forward to my tax attorney taking this deduction for my properties. Every little bit helps. Would be good if the new 113th Congress votes to extend this deduction.
This is something folk might want to keep an eye on for 2014 and beyond.
CONGRESS EXTENDS TAX DEDUCTIBILITY OF MORTGAGE INSURANCE! Mortgage Insurance Premiums Remain Tax Deductible Through December 31, 2013....Congress passed the extension to continue the tax deductibility of premiums for mortgage insurance through 2013 as an amendment within The American Taxpayer Relief Act of 2012. The provision extends the ability of homeowners to deduct the premium cost of mortgage insurance on a qualified personal residence for homeowners with an adjusted gross income of under $100,000 and applies to amounts paid or accrued after December 31, 2011 and through December 31, 2013.
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