Do all mortgage borrowers using mortgage insurance qualify for the MI tax deduction?
Currently, this MI tax-deductibility legislation only applies to eligible Members with adjusted gross incomes of $109,000 or less who purchase or refinance a home between 2007 and 2010, and pay MI premiums. Member-paid MI premiums allocable to 2007 through 2010 will be fully deductible for eligible taxpayers who are married, single or head-of-household, and who earn up to $100,000. The amount of the deduction incrementally phases out for those who have adjusted gross incomes between $100,000 and $109,000 annually.
