The mortgage-insurance deduction applies to both private and government mortgage insurance, which is used for government-backed loans.

The deduction is based on the couple making less than $100,000 a year, filing a joint tax return, and taking out a 30-year fixed loan with a 6.125 percent interest rate. Their mortgage insurance premiums would be $205 a month, or $2,460 a year.

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Published:
12.9.07 / 9am
Category:
Home Mortgage Insurance