Welcome Guest. Register Now!  

Itemized Deductions Schedule-A

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-10-2009, 09:37 AM
TaxGuru's Avatar
Tax Guru
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,413
Blog Entries: 3
Can taxpayer's deduct mortgage insurance premiums without income limitations?

Generally speaking, if a taxpayer itemizes their deductions on Schedule A, then that taxpayer "may deduct premiums paid for mortgage insurance provided by the Department of Veterans Affairs (VA), the Federal Housing Administration (FHA), the Rural Housing Service (Rural Housing), or private mortgage insurers in connection with a mortgage for the purchase of a home."

However, the amount that may be deducted is limited if the taxpayers adjusted gross income is more than $100,000 ($50,000 if married filing separately).

The IRS has disallowed this deduction completely if the taxpayers adjusted gross income is more than $109,000 ($54,500 if married filing separately).

Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
deduct health insurance premiums from rental income sawscjs Rental Real-Estate 1 03-12-2009 01:40 AM
Officer Life Insurance Premiums Jack C-Corporation 1 08-19-2008 10:28 PM
Are there limitations on the amount of losses I can deduct from my partnership? marian Limited Liability Company 0 04-01-2008 06:10 PM
New Tax Law Changes for 2007-Mortgage Insurance Premiums are deductible! TaxGuru Itemized Deductions 0 03-16-2008 11:29 PM
Are the Mortgage Insurance Premiums paid deductible in Tax Year 2007? TaxGuru General 0 02-25-2008 11:01 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning

» Recent Tax Q&A
No Threads to Display.