Mortgage Insurance is now deductible

According to an article in the May 2007 issue of "REALTOR New Jersey", the premiums paid by many qualified families for private and government mortgage insurance is now deducible on you federal income taxes. To qualify you must close on the loan in 2007, have an income of $100,000 or less, and the property must be your principal residence or another residence that is used for personal purposes by the taxpayer such as a vacation home. If your income is higher that 100,000 up to $109,000 you may qualify for a reduced deduction. As of now, this deduction is only for tax year 2007, but there is a good chance it will be extended. For more information click here.