New deduction - Mortgage Insurance Premiums! (PMI  Insurance)

The 109th Congress passed the tax law in its final hours allowing many taxpayers to deduct Mortgage Insurance Premiums when they itemize their taxes! This new deduction is allowed for new policies written in 2007. There will be income limits on this deduction.

For some homeowners, the new law will mean that it may be less costly to get mortgage insurance instead of a piggyback loan. Congress has long recognized the importance of home ownership by allowing homeowners to deduct the cost of mortgage interest this bill allows those who find it most difficult a little additional Tax Relief!