Maryland Blogger: Tax Deduction for Mortgage Insurance Extended Through 2016

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

Comments

This is wonderful news indeed, Roy.  I believe you should be receiving some challenging weather this weekend-- be safe and stay inside where it's warm!

 

Posted by Faith LaRosse, Serving Berks, Chester & Montgomery Counties (Springer Realty Group) about 4 years ago

Good morning Roy. Good news for some! Like the photograph! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) about 4 years ago

Thank you for the information. I will bookmark this and share with others.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) about 4 years ago

That is great news, it was scary how they were looking to take away the few deductions the middle class gets. Is the storm reving up yet?

Posted by Scott Godzyk, One of the Manchester NH's area Leading Agents (Godzyk Real Estate Services) about 4 years ago

Thank you very much for your comments. It is always good to hear from you.

Posted by Roy Kelley (Realty Group Referrals) about 4 years ago

Roy, this is good news for home buyers, and should check this out for our area too. 

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) about 4 years ago

Thanks for sharing this information, and especially for sharing the picture.  It really captures my imagination

Posted by Joan Dickie, Keller Williams Premier Realty (Keller Williams Premier Realty) about 4 years ago

You should consider a book of your pictures, or at least a calendar.

Posted by Joan Dickie, Keller Williams Premier Realty (Keller Williams Premier Realty) about 4 years ago

Joan Dickie 

Thanks for your kind words. When you get into publishing, I will be happy to provide some pictures. Photography is just a hobby for me.

Posted by Roy Kelley (Realty Group Referrals) about 4 years ago

Roy,

This is great information for all of concerned.  Thandks for highlighting this  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) about 4 years ago

That is good news and I have to be sure to spread the work with my clients. 

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) about 4 years ago

Debbie Reynolds 

Thank you very much for your reblog of this post.

Posted by Roy Kelley (Realty Group Referrals) about 4 years ago

Good news to share for all those paying PMI, Roy.  Thanks for the info.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 4 years ago

Thanks, again, for your comments. The blizzard is still in full force in the DC area. We could not go anywhere even if we wanted to.

Posted by Roy Kelley (Realty Group Referrals) about 4 years ago

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