Question:

Is private mortgage insurance (PMI) tax deductible in 2007?

Answer:

Yes, it is. Private mortgage insurance (PMI) is tax deductible in 2007 through 2010, for all loan transactions closed in the 2007 - 2010 interval. Taxpayers with mortgages signed during this period, with household income of $100,000 through $109,000 are eligible for tax deduction. However, borrowers with income $110,000 and above do not enjoy tax deductibility benefits.

Tax deductible private mortgage insurance (PMI) in 2007-2010 has great benefits to the borrowers.

Now that PMI is tax deductible, it is a safe way to buy a house without saving 20% for the down payment. If borrower-paid, private mortgage insurance (PMI) can be cancelled, and it lasts for a shorter time than a second mortgage. Paying PMI instead of taking another lien on the property preserves equity, and makes mortgages better available to low and moderate income borrowers.

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