Foreclosure Mortgage Debt No Longer A Liability And PMI Is Deductible

Foreclosure Mortgage Debt No Longer A Liability and PMI is now Deductible

If you lost a home to foreclosure last year or paid mortgage insurance premiums, there is some good news. Congress enacted laws in late 2007 to allow deduction of some mortgage insurance premiums. This could amount to a tax break of up to $350. The foreclosure tax break applies to all taxpayers who were granted forgiveness of mortgage debt. Previously, this amount was fully taxable and could have run into the tens of thousands of dollars.

Posted by Mark Eibner CRS, ePro,GRI on 02/10/2008 02:49 PM

2 Comments on Foreclosure Mortgage Debt No Longer A Liability And PMI Is Deductible

Mark only foreclosures could write off some of the PMI is that right??

02/10/2008 03:18 PM

by John Walters (Specialized Real Estate)

John- Well the PMI is deductible regardless of a foreclosure...the change in the tax code for forgiveness or relief of mortgage debt is huge!!!

http://finance.yahoo.com/taxes/article/104367/Ten-Tax-Laws-You-Gotta-Know

http://news.moneycentral.msn.com/ticker/article.aspx?Feed=PR&Date=20071218&ID=7959334&Symbol=PMI

02/11/2008 01:33 PM

by Mark Eibner CRS, ePro,GRI (Metro Brokers Realty Oasis-BrokerIPTV)

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