Mortgage Insurance Tax Deductibility is Back for 2016
Last week, legislation was signed to renew the mortgage insurance premium tax deductibility for qualified Kentucky home mortgage borrowers for 2016. This means great news for our Kentucky Home borrowers! A few quick hit points:
- The tax deduction is applicable for purchases and refinances closed after 12/31/2014.
- The mortgage insurance premiums paid after 12/31/2014 through 12/31/2016 can qualify for the tax deduction on borrowers' federal tax returns with details including:
- Borrowers with adjusted gross incomes below $100,000 can deduct 100% of their mortgage insurance premiums. For borrowers with adjusted gross incomes from $100,000.01 to $110,000 deductions are phased out at 10% increments for each additional $1,000 of adjusted gross household income.
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