Congress, a part of The American Taxpayer Relief Act of 2012, just enacted legislation extending the tax deduction for premiums paid on mortgage insurance policies through December 31, 2013. The mortgage insurance tax deduction is available to homeowners with an adjusted gross income under $100,000 and applies to amounts paid or accrued between December 31, 2011 and through December 31, 2013.
“MICA member companies are pleased that Congress has taken the necessary steps to enact legislation that preserves the tax deductibility of premiums for U.S. homeowners,” said Teresa Bryce Bazemore, President of the Mortgage Insurance Companies of America (MICA). “This positive development will sustain home affordability for low- and moderate- income homebuyers who are assisted by private capital, in the form of private mortgage insurance. This preservation of tax policy parity is essential for the continued recovery of the residential housing market.”
Obviously this is wonderful news for those in the Philadelphia Real Estate community and nationally!
Blog post compliments of the CenterCityTeam Philadelphia Real Estate Blog
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Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
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