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re: FHA: Insurance premiums for mortgages will no longer be phased out at 78%
Posted on 1/31/13 at 2:21 pm to Newbomb Turk
Posted on 1/31/13 at 2:21 pm to Newbomb Turk
Did they change a law this year about how much you can deduct form Mortgage insurance as well? I was only able to deduct 50% of the amount I deducted last year.
1
Posted on 1/31/13 at 2:29 pm to Catman88
As far as I know, they extended it 100% for two years, i.e., you get the deduction for 2012 and 2013. The Mortgage Interest Statement I got from my lender didn't even show it this year as there was no "box" for it due to the late amendment to the Internal Revenue Code. But, I looked at my on-line amortization and saw that it was the same as last years.
The disparity in yours could be due to a number of factors, including when you took out your loan. The rules might have been different.
The disparity in yours could be due to a number of factors, including when you took out your loan. The rules might have been different.
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