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:
The mortgage insurance contract must be issued on or after January 1, 2007.
The mortgage insurance premiums must be paid during calendar year 2007.
The taxpayer must have an adjusted gross income of less than $100,000 to ... Log in to view full article.