Later in this month, I will be including a little extra note in the annual mailing. Do you remember the Tax Relief and Health Care Act of 2006?
This new insurance premium deduction will only apply to mortgage insurance contracts issued in 2007 and is only available to taxpayers whose adjusted gross income does not exceed $110,000 ($55,000 for married taxpayers filing separately).
What did you say? ---- You didn't purchase a home in 2007. ---- NO PROBLEM!