Maryland Blogger

Tax Deduction for Mortgage Insurance Extended Through 2016

Tax Deduction for Mortgage Insurance Extended Through 2016

 

We received this message from one of our favorite mortgage loan officers:

Great news! Congress has voted to extend the tax deduction for mortgage insurance (MI) through 2016.

Remind your clients that they can deduct their MI premiums on their federal income taxes this year and next year.

Who qualifies for the tax deduction?

  • Borrowers with adjusted gross incomes up to $100,000 can deduct 100% of their borrower-paid MI premiums. Deductions are reduced by 10% for each additional $1,000 of adjusted gross income, phasing out after $109,000. 
  • The threshold for married borrowers filing separately is $50,000 of adjusted gross income per person. Deductions are reduced by 5% for each additional $500 of adjusted gross income, phasing out after $54,500. 

Paul McCausland

Mortgage Consultant

Southern Trust Mortgage

Office 301-948-5255  800-474-0387

Cell 301-461-1516

Fax (866) 593-7624  

NMLS #455841

 

Split Rail Fence, Winter Photowalk in Kentlands, Photograph by Roy Kelley, Roy and Dolores Kelley Photographs

Split Rail Fence, Winter Photowalk in Kentlands IMG 9867

Photograph by Roy Kelley

Roy and Dolores Kelley Photographs

Roy and Dolores Kelley Photographs

Roy Kelley and Associates

 

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.

Comment balloon 14 commentsRoy Kelley • January 07 2016 02:44PM
Tax Deduction for Mortgage Insurance Extended Through 2016
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