After it was announced that on and after January 1, 2007 that PMI (private mortgage insurance) would be tax deductible for everyone, later on the law was finalized. The new law states that everyone who OBTAINS a mortgage on or after January 1, 2007 could deduct it from annual tax return. Another twist exists however, PMI will be tax deductible to those whose income is $110,000 or less.
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