PMI Tax Deductibility Extended Through 2011

By -
PMI Tax Deductibility Extended Through 2011

Congress recently extended legislation making private mortgage insurance
(PMI) premiums tax deductible through 2011!

PMI can help people buy a home sooner, by enabling them to put less than 20%
of the purchase price down when buying a home. This increase in purchasing
power can sometimes be the difference between affording the home of your
dreams...or not.

What's more, this deduction is not just for first-time homebuyers, so it can
be used by current homeowners looking to upgrade to a new home. However, it
does only apply to "qualified" residences, which typically include a primary
residence and a vacation home, but not an investment property.

It's important to note that PMI is only tax deductible for homeowners with
adjusted gross incomes of less than $110,000. Borrowers with adjusted gross
incomes up to $100,000 may be able to deduct 100% of their 2011 premiums.
Deductions are phased out in 10% increments for borrowers with adjusted
gross incomes between $100,000 and $109,000.

As with any deduction, be sure to consult your tax advisor if you have any
questions. And if there's anything at all I can do to help you with your
mortgage, please let me know. I'm always happy to do whatever I can to make
sure your mortgage is working for you!

-sunil


SUNIL SETHI REAL ESTATE

Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE
www.sunilsethi.com <http://www.sunilsethi.com/>

CA DRE#: 01173766

Comments

Post a Comment

Popular posts from this blog

Mission Lakes Neighbors Ask Union City Mayor and Council to ​Rethink East West Connector

By -
Tomorrow ​ (2/27/18)​ will be your LAST, but also BEST opportunity to stop the East West Connector as currently planned.   The city council was trying to rush this decision through quietly.  But this is now receiving the attention it deserves.  Mercury News blasts funding diversion from Rail to Highway: https://www.mercurynews.com/ 2018/02/26/union-city-looks- to-divert-75-million-in- public-transit-funds-for-new- 320-million-road/ Bike East Bay declares Opposition to East West Connector Proposal: https://www.mercurynews.com/ wp-content/uploads/2018/02/ bike-east-bay-opposition-to- east-west-connector-proposal. pdf East Bay Times provides additional information on UC fiscal emergency: https://www.eastbaytimes.com/ 2018/02/22/union-city-council- to-weigh-fiscal-emergency- declaration/ The East West Connector has been on the books since the 60s and reflects the thinking of that era.  This $320M road is oversized.  This 90ft wide road will cross the Old Alameda Creek twice and will const...
Read more

Fremont's New Housing Legislation is another step in the right direction!

By -
Image
Fremont has now taken another step into the future, requiring that all new houses be delivered ready for the installation of electric-car charging stations.  According to the  East Bay Times , the city of Fremont has announced that any new housing project must include both solar panels and the electrical wiring required for the installation of a charging station Will this new legislation make the ownership of electric vehicles even more appealing to residents? Will Fremont turn into a zero-emission vehicle hub? http://www.greencarreports.com/news/1110317_solar-panels-ev-chargers-required-in-new-homes-in-fremont-ca Sunil Sethi  /  REALTOR,  Broker, MBA, CPA(inactive), GREEN Sunil Sethi Real Estate   38750 Paseo Padre Pkwy #B3, Fremont, CA 94536   www.sunilsethi.com BRE #01173766                              
Read more

Important Easement Information

By -
Image
  it's definitely worth being concerned about encroachments, especially in situations where someone is using a small portion of their neighbor's property without permission. Even if the neighbor is currently okay with it, there's no guarantee that they'll continue to be permissive in the future. It's definitely a problem that needs to be addressed prior to close of escrow. This is where property easements come into play, as they provide legal permission for someone to use a portion of another person's property for a specific purpose. It's important to understand the details of any easements that may be relevant to your situation, as they can impact your rights and obligations as a...
Read more