I'm finding conflicting results on the Internet. I really would like to deduct my PMI payments from my income tax. Anyone have any real answers on this?
2007-01-27 08:53:03 · 4 answers · asked by Razor 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Congress being who they are made PMI deductable for 2007.....and 2007 only. Not 2006 and Not 2008.......why??? Who knows.
2007-01-27 12:55:58 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
As of outstanding now, sure, you are able to deduct loan pastime. however i think of your thought of renting slightly longer, paying your few expenses and saving up for a much bigger down charge is an outstanding thought. outstanding now, the housing industry is going nuts. properties are way overpriced. i'm going during the best comparable component. I bought my living house in June 2006, moved one hundred miles away, i'm additionally renting. My hire charge is below a million/2 of my loan, i've got not got maintenance and maintenance, no authentic sources taxes to pay. condominium coverage is low-priced!!! i'm waiting to pay my expenses with money left over a week, and save money usually. I figured i could hire till i discovered some thing I cherished, basically to verify, i like renting!!! I had lived in my living house so long, i ended up taking the common deduction the previous 2 years by way of fact my loan pastime replaced into too low. The fairness in my living house replaced into large, via the way. i did no longer desire to refinance it so as that i might desire to declare a loan pastime because you're basically going to get a share of it besides. no longer properly well worth the time or hassle or value!!
2016-12-16 15:01:55 · answer #2 · answered by donenfeld 4 · 0⤊ 0⤋
The real answer is that for 2006 they are NOT deductible.
The good news is that for 2007 they are!!
2007-01-27 09:01:32 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I've heard of PMS, what is PMI?
2007-01-27 09:01:00 · answer #4 · answered by soulguy85 6 · 0⤊ 0⤋