Tax relief for 2007 Dothan area home purchasers
January 18th, 2008 - Categories: Financing, Real Estate News
By: Charles Woodall
http://www.dothanhomesearch.com
If you bought a home in 2007 and put less than 20% down, you may be eligible for a tax break on your mortgage insurance. Here are the details from Wall Street Journal.
“The new break, called the qualified mortgage insurance deduction, lets taxpayers with an adjusted gross income of less than $100,000 write off the full cost of mortgage insurance. Folks who earn less than $109,000 can take a write-off for part of it.”
Consult your tax preparer or accountant for more details.