One of the provisions of HR 6408 is that premiums for mortgage insurance can be included as an itemized deduction under mortgage iterest for a qualified residence. Do you suppose the mortgage companies will include this on the 1098 or will we or the taxpayer have to determine if they payed mortgage insurance and, if so, how much?
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Originally posted by Sam Slade
Sam . not all but most mortgage lenders do already include this amount on the 1098. This has been my expierence anyways.
I may also mention as I understand it that the deduction is good for 2007 and the loan must have originated in 2007 and is limited to tapayers with an AGI of 100k or less.
I think the Mortgage inustry is using there lobby quite well don't you. -
Mortgage Insurance Premiums
Thanks for the reply. I obviously did not read the last paragraph in the explanation of that provision which stated it was limited to 2007.Comment
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Originally posted by Sam Slade
Sorry Sam I did not mean that it is only good for tax year 2007 only it maybe a permenant deduction. What I was refering to is I think you can only take the deduction for the 2007 tax year and beyond. In other words not available for 2006 tax filing. At least this is how I understood it.Comment
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Mortgage Insurance Premiums
It states the provision does not apply with respect to any mortgage insurance contract issued before January 1, 2007. The provision terminates for any amount paid or accrued after December 21, 2007, or properly allocable to any period after that date. Doesn't this mean it is limited to 2007?Comment
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i had nto read the whole provision. I had merely red soem info written in the paper about it. But it sounds to me like you are right.Comment
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