PRIVATE MORTGAGE INSURANCE PREMIUMS
Homeowners are usually well informed about the homerelated tax deductions that they can make at filing time. However, when purchasing a home, other costs can quickly accumulate.
MORTGAGE INSURANCE
Many programs are available for homebuyers allowing them to purchase homes they otherwise would not qualify for. Program includes putting down zero to minimal money down toward the down payment.
PRIVATE MORTGAGE INSURANCE (PMI)
Hit with paying a private mortgage insurance (PMI) premium. The word insurance should not fool you. This is not insurance to protect you as the buyer.
ELIGIBLE FOR DEDUCTION
If your mortgage has even issued after 2006, the private mortgage insurance premium you paid effective 2011 may be eligible for deduction.
ITEMIZING DEDUCTIONS
Homeowners just starting out with itemizing deductions for the first time can get a bit overwhelmed. One mistake commonly made is overestimating the taxes you’ll save.
INTEREST AND MORTGAGE PAYMENTS
If your interest and mortgage payments are $1,500 a month, and your property taxes are $3,000 for the year. That is a combined total of $21,000 a year.
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