Many borrowers who do not put a certain amount of money down on the purchase of a home may be required to pay what is called mortgage insurance premiums. These premiums have been deductible for many taxpayers in recent years as a component of mortgage interest as an itemized deduction on Schedule A. This provision has been extended through the 2016 tax year, which means we can still deduct it on your 2016 return … assuming you fall within the AGI restrictions. Give me a call to discuss.
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