PMI Is Never Deductible…Or Is It?

April 18th, 2007 | Category: Income Taxes

Q: I’ve always heard that private mortgage insurance (PMI) is not tax-deductible. However, a friend of mine told me it might be under limited circumstances. What’s the real truth?
Anonymous

A: Normally, PMI is

a non-deductible cost of owning a personal residence (much like homeowners organization fees, insurance, etc.) However, Congress passed a bill in 2006 to have a one-time only deduction for PMI under very limited circumstances…

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • del.icio.us
  • Netvouz
  • DZone
  • ThisNext
  • MisterWong
  • Wists
  • StumbleUpon
  • Fark
  • blinkbits
  • BlinkList
  • blogmarks
  • Furl
  • Netscape
  • NewsVine
  • Reddit
  • Spurl
  • Technorati
  • YahooMyWeb
Related Articles
  • HSAs and FSAs: Can You Do Both?
  • Commuting Expenses Are Never Deductible
  • MetLife Auto & Home(R) to Introduce Deductible Savings Benefit to Massachusetts Auto Insurance Customers
  • Tax Deductions - Mr. CPA Can I Deduct a Pizza? You Too Can Deduct Your Fun by Using Tax Tips
  • 5 ways to save on car insurance

    • No comments yet. Be the first.

    Leave a reply