Mortage Insurance Tax Deductibility Bill

 As our government continues to collect, spend and drive our country further into debt owing a home is one of the best ways to help reduce your tax liability and keep more for yourself. The President recently enacted the following legislature making mortgage insurance premiums tax deductible.

• Mortgage insurance premiums will be 100% deductible for households whose adjusted gross income is $100,000 or less.
• The law is effective for the 2007 tax year on purchase and refinance loans closed on or after Jan. 1, 2007.