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Old 01-28-2009, 09:29 AM
 
88 posts, read 260,415 times
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Is PMI tax deductible?
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Old 01-28-2009, 09:30 AM
 
Location: Stewartsville, NJ
7,577 posts, read 19,972,926 times
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Quote:
Originally Posted by awd250 View Post
Is PMI tax deductible?
no.
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Old 01-29-2009, 07:08 AM
 
741 posts, read 3,207,281 times
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Quote:
Originally Posted by awd250 View Post
Is PMI tax deductible?
PMI is tax deductible, new law, yeah. I just did my taxes with H& R and they put the PMI in for deduction. They put the up front PMI from my HUD and the monthly PMI listed on my 1098 form from mortgage company. You have to make less then 100k year. This supposedly started in 07 and has been extended.
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Old 01-29-2009, 09:04 AM
 
9,124 posts, read 32,098,244 times
Reputation: 3519
Quote:
Originally Posted by NC little foot View Post
PMI is tax deductible, new law, yeah. I just did my taxes with H& R and they put the PMI in for deduction. They put the up front PMI from my HUD and the monthly PMI listed on my 1098 form from mortgage company. You have to make less then 100k year. This supposedly started in 07 and has been extended.
Damn- there I go making too much money again!!!
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Old 01-29-2009, 04:20 PM
 
Location: Stewartsville, NJ
7,577 posts, read 19,972,926 times
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Quote:
Originally Posted by BobKovacs View Post
Damn- there I go making too much money again!!!
If you really make that much, what are you doing paying PMI?
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Old 01-29-2009, 04:42 PM
 
9,124 posts, read 32,098,244 times
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Quote:
Originally Posted by wileynj View Post
If you really make that much, what are you doing paying PMI?
I didn't put down 20% on the house- had better uses for the $$- so it's not like I had a choice.
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Old 01-29-2009, 05:18 PM
 
Location: Stewartsville, NJ
7,577 posts, read 19,972,926 times
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Quote:
Originally Posted by BobKovacs View Post
I didn't put down 20% on the house- had better uses for the $$- so it's not like I had a choice.
can't do 20% down on a home in GA???? My dear Bob... you need to come back to joisey
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Old 01-30-2009, 05:37 AM
 
Location: Warren County and loving it!
5,079 posts, read 7,245,272 times
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Quote:
Originally Posted by BobKovacs View Post
I didn't put down 20% on the house- had better uses for the $$- so it's not like I had a choice.
This is why we loved the VA loan....
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Old 01-30-2009, 11:25 AM
 
1,462 posts, read 4,017,704 times
Reputation: 1002
Quote:
Originally Posted by NC little foot View Post
PMI is tax deductible, new law, yeah. I just did my taxes with H& R and they put the PMI in for deduction. They put the up front PMI from my HUD and the monthly PMI listed on my 1098 form from mortgage company. You have to make less then 100k year. This supposedly started in 07 and has been extended.

100k for a single or 100k married filing jointly?
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Old 01-31-2009, 06:46 AM
 
9,124 posts, read 32,098,244 times
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Quote:
Originally Posted by wileynj View Post
can't do 20% down on a home in GA???? My dear Bob... you need to come back to joisey
It's not "can't"- it's "didn't". Money was cheap enough when I bought that it didn't make sense to put an additional $30k down to get to 20% from the 10% we put down- we had better uses for the $$.

And staying in NJ wouldn't exactly have been a smart move- I would have lost more than that $30k in equity between when we sold and now (based on what houses in our neighborhood are selling for now vs what we sold for).
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