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The U.S. Senate has passed a new legislation that will allow moderate-income homeowners to continue deduct mortgage insurance premiums from their federal income tax returns for all mortgages originated for the next 3 years.

Under the new legislation, homeowners with adjusted gross incomes of $100,000 or less can deduct 100% of their mortgage insurance premium costs. Even families with incomes between $100,000 and $109,000 are also eligible for a reduced deduction.

Isn't that a great news? Any opinion?

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Oh that's great Niicss! it seems the government wants to shower us with Christmas gifts - first the mortgage tax relief and then the tax deduction of mortgage insurance premiums. Wow! I hope it's all fine.

By the way, have a great Christmas Niicss!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

brad's picture
brad | Joined: December 17, 2007 02:44 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes it is great that our government has stepped it up to lend a helping hand in these tought times. I appreciate everything that they are trying to do and I hope that it has a positive effect on 2008. Happy Holidays to all!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

That is really great news! really what our government is doing right now is commendable and we all appreciate that. Hope 20008 will be a great year for all of us.

Merry Christmas and a very happy new year to all of you.

Thanks,
Larry

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes indeed Niicss, this is something that people may have been waiting for. And, it's a welcome decision by the government. As it is, people are burdened with tax payments and added to that, comes the high rate of foreclosure and the market being upside down. So, in this scenario what else can be a good news other than one more option added to the list oif deductions one can avail in the tax season.

good luck to all and happy holidays!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

yes, this is definitely a favorable situation. mortgage insurance, particularly for those with less-than-stellar credit, has become a very expensive proposition. to allow borrowers to deduct their premiums as they do mortgage interest makes the mi payments a whole lot more tolerable.

this isn't a first-time thing, either; by the way. this legislation is a renewal, in essence, of what they did last year.

every once in a while, our government gets something right.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

yup that's right george :)

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

great, i can write off the PMI that I dont have while I pay 50% in income tax.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

lisa, you can easily cut your income tax liability from that 50% number; simply earn less money!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

This sucks, because my wife and I earn more then $109K, we can't deduct our mortgage insurance?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Your query is not clear to me. It'll be better if you could explain your query in details.

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

James, I have forgotten what the cutoff point is, but our Guest is talking about not being able to deduct the MI costs due to their income. There's a ceiling on income that affects who can and who cannot claim the deductions on taxes.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

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