2007-05-13 07:49:02 · 3 answers · asked by gabriel 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
For tax year 2007, PMI will be deductible. As the law is currently written, it will be a one-time good deal for 2007. Congress has yet to act to extend it to further tax years.
Gutshot guess: It will stay, as it benefits lower income taxpayers more than the wealthy. Expect to see some of the current tax breaks for the wealthy to be rolled back to pay for it.
2007-05-13 12:14:47 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No it is not. And it is pretty much worthless since its insurance for your lender and not you. It protects them when you forclose on your property.
If you have a choice go with a 80/20.
2007-05-13 14:52:37 · answer #2 · answered by Brent M 3 · 0⤊ 1⤋
No, its insurance, not interest.
2007-05-13 15:22:24 · answer #3 · answered by Judy 7 · 0⤊ 1⤋