MI Still Deductible; Inclinations With Home Builders; Trends in Capital Markets

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Posted To: Pipeline Press

As much of the nation reels from storms and their damage, and lenders review their disaster policies, there is one thing we don't have to worry about: changes in the status on MI tax deductibility. There were none, but as always borrowers should talk with their tax advisors regarding eligibility. The President signed a bill to renew the tax deductibility of mortgage insurance for those qualified. The deductibility can count towards refinance and purchase transactions that closed after December 31, 2014. MI premiums paid or accrued after December 31, 2014 through December 31, 2016 may qualify for tax deductibility. For borrowers with an adjusted gross income below $100,000 may deduct 100% of their MI premiums, for borrowers with adjusted gross incomes from $100,000.01 to $110,00, deductions...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/12242015-home-builders.aspx

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