Congress Extends Mortgage Insurance Tax Deduction

February 14th, 2013 Frank L. DeFazio Leave A Comment

Congress Extends Mortgage Insurance Tax Deduction

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.

Congress Extends Mortgage Insurance Tax Deduction

“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

Click Here To Search For Philadelphia Real Estate

Click Here To Search For Philadelphia Condos

Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
Frank@CenterCityTeam.com

 

 

 

You may also be interested in:

Credit Life Insurance Facts
Credit Life Insurance Facts By Larry Flick, Prudential Fox & Roach, Realtors Financial Services Four...
Fee Increase to Impact Philadelphia Real Estate Community
Fee Increase to Impact Philadelphia Real Estate Community I'm sure by now everyone has heard about Congress...
Philadelphia Mortgage Update: FHA Premiums Increasing
Philadelphia Mortgage Update: FHA Premiums Increasing Some interesting Philadelphia Mortgage news for...
Reverse Mortgages
Reverse Mortgages I got an interesting email from a Philadelphia mortgage broker today that discussed...