I know that a TP cannot deduct Mortgage Insurance Premiums on a house purchased before 2006, but what if TP refinances in 2013 and has Mortgage Ins on the refinanced loan?
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Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR -
Mip psa
I'd just like to take this opportunity to tell the board that you may not see the MIP reported on forms 1098 this year. This happened a few years ago when tax law extenders were passed late in the year.
I just noticed a 1098 from Wells Fargo with a statement attached indicating the MIP was not listed on the form, but were indeed paid by the borrower and the amount paid was listed within the statement.
Just remember to do some digging and compare the client's previous year tax return to ensure you don't miss this deduction. For those clients that have an AGI of $100K or less that is.
Everyone have a great tax season everyone!!Circular 230 Disclosure:
Don't even think about using the information in this message!Comment
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