Business Insurance

For the first time, many low- and moderate-income families who purchased homes using private or government mortgage insurance will be able to deduct those premiums when they file their 2007 federal tax returns next month, says Kevin Schneider, president of the Mortgage Insurance Companies of America. The tax deduction was approved by Congress in late 2006 and applied to loans with mortgage insurance that closed in 2007. Congress voted in December of last year to extend the mortgage insurance tax deduction through 2010.

The deduction allows households with an adjusted gross income of $100,000 or less to deduct the full cost of their government or private mortgage insurance premiums on their federal tax returns. Families with incomes between $100,000 and $109,000 are eligible for a reduced deduction.

“On average, this year’s tax break could be worth $350 per taxpayer,” Schneider said.

Tags: companies, insurance, insurance companies, insurance premium, insurance premiums, Premium, premiums, tax deduction

Related posts

• THE DIRTY DOZEN ; (1) MONEY MAIL(2) For Too Long Financial Groups Have Tried to Fool Us With Their Enderhand Tactics. Now Money Mail Demands Fair Play..
• Details: Club dues
• Banks urged to address climate change
• Management Mentors Says Finding the Right Mentor is Critical to Success Of Mentoring Relationship
• 284 Days to the Election: A look at the race for 2008 on Friday
• I think a lot of Aucklanders are just lazy when it comes to saving. Most of them want the finer t… Your views: More stories o
• Massachusetts doctors challenge liability insurance analysis
• Blog House: From St. Paul, a heap of red meat for the right
• Pittsfield, Maine Being Considered for 200-job Call Center
• Minnesota start-ups flush with cash in 2007