Article Date:
January 2007


Word Count:
148

 

 

Extenders Law Adds New Extender for Mortgage Insurance


Using an old tax shelter gimmick where a person bought an investment solely for the first-year tax benefit, lawmakers have created a one-year tax benefit window for deducting mortgage insurance. This new shelter contains the following requirements to qualify for a mortgage insurance deduction:1

 

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The mortgage insurance contract must be issued on or after January 1, 2007.

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The mortgage insurance premiums must be paid during calendar year 2007.

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The taxpayer must have an adjusted gross income of less than $100,000 to ... Log in to view full article.

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