Discussion:Are premiums for mortgage insurance in 2007 deductible on acquisition indebtedness on second home?
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Discussion Forum Index --> Tax Questions --> Are premiums for mortgage insurance in 2007 deductible on acquisition indebtedness on second home?
| 9 January 2007 | |
| As regards the deductibility of PMI premiums as qualified mortgage interest in 2007, the wording says "in connection with acquisition indebtedness with respect to a qualified residence of the taxpayer." Wouldn't you think "qualified residence" would include taxpayers' second home? Taxpayers are buying a second home and will get a 90% loan if they can deduct the PMI premiums. Anyone see anything specific about this? | |
Death&Taxes (talk|edits) said: | 9 January 2007 |
| Your definition is correct under Sec. 163(h)(4) but the deduction is only for 2007, and only for the charge that is for that period [i.e., no prepaid PMI would be deductible], and in addition to which the deduction is eliminated as AGI moves between 100K-110K. I would only do this if you expected the deduction to be extended in the future, and if the income will stay below the boundaries set. | |
DAVETHETAXGUY (talk|edits) said: | 19 February 2007 |
| Thanks for the information about PMI
My question is where do I put the $ amount for PMI on the Schedule A?? | |
| February 19, 2007 | |
| It will probably be in the mortgage interest section--next year, when the 2007 forms become available. It is not deductible for 2006. | |
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