Posted on: 24th Aug, 2009 09:53 am
How does the fact that Congress makes mortgage insurance tax deductible in 2007 affect homeowners?
Savings for the hoemowners
Really a very good news for home owners. Congress made mortgage insurance tax deductible in 2007 tax year and throughout 2010.
It will definately help home owners as long term benefit.
According to the Tax Relief and Health Care Act of 2006, the tax deductions on private and government mortgage insurance were first announced to be available for low to average income taxpayers for loans made in 2007.
Also mortgage insurance tax deductibility has been extended through 2010 tax year.
This Congress provides gerat benefit. and that reduces financial burden to millions of homeowners.Congress introduces tax deductions for mortgage insurance premiums is good news particularly for first-time homeowners.It helps first time home owners to take benefit for no compultion of 20% down payment for a home.
The Congress choice to recognize mortgage insurance as financial charge similar to mortgage interest affects many responsible homeowners-to-be who can't really afford to make a 20% down payment and have to put up with PMI payments.
The mortgage insurance tax deduction introduced in 2007 by the Congress targets minority groups. Ths will definately improve minority home owners benefit. and it is estimated that one-third of the taxpayers to benefit from this legislation.
It will definately help home owners as long term benefit.
According to the Tax Relief and Health Care Act of 2006, the tax deductions on private and government mortgage insurance were first announced to be available for low to average income taxpayers for loans made in 2007.
Also mortgage insurance tax deductibility has been extended through 2010 tax year.
This Congress provides gerat benefit. and that reduces financial burden to millions of homeowners.Congress introduces tax deductions for mortgage insurance premiums is good news particularly for first-time homeowners.It helps first time home owners to take benefit for no compultion of 20% down payment for a home.
The Congress choice to recognize mortgage insurance as financial charge similar to mortgage interest affects many responsible homeowners-to-be who can't really afford to make a 20% down payment and have to put up with PMI payments.
The mortgage insurance tax deduction introduced in 2007 by the Congress targets minority groups. Ths will definately improve minority home owners benefit. and it is estimated that one-third of the taxpayers to benefit from this legislation.
It is definately in benefit of First time home owners.