I just learned this a short time ago and wanted to share the information for those who may not yet know.
The President just signed a new bill that goes into effect in 2007. This bill will allow for mortgage insurance premiums to be deducted - potentially a great savings for some individuals.
- The deduction is for households whose adjusted gross income is $100,000 or less
- The bill covers purchases and refinances that occur after January 1, 2007
This is good news for lots of people. Many who are in the lower income brakets have less cash for downpayments and, therefore, are required to have MI. They now get a bit of a break on their taxes. Obivously the impact will depend on the individual tax circumstances but it appears it will be good news for lots of buyers and homeowners who are refinancing in 2007.
Rather than summarize all the details here, check out this site which provides a more in-depth review of the new bill and what it means.
Anyone have particular thoughts on this? Do you see it as a good thing?
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