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Tax Deductibility

On December 18, 2015, the president signed legislation that renews the tax deductibility of mortgage insurance premiums for qualified buyers. This deductibility is effective for purchase and refinance transactions closed after December 31, 2014. Mortgage Insurance premiums payed or accumulated after December 31, 2014 through December 31, 2016 may qualify for tax deductibility on the borrower’s federal tax return. Borrowers with adjusted gross incomes below $100,000 may deduct 100% of their mortgage insurance premiums. For borrowers with adjusted gross incomes from $100,000.01 to $110,000, deductions are phased out at 10% increments for each additional $1,000 of adjusted gross household income.

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