PMI and tax deductions (home loan, premium, requirements, rate)

[purplesky]

Does anyone know if the tax deduction will be extended past 2010?

Also, when they say it is "tax deductible" how much percent are you actually getting back?

Are the requirements 75k for single and 105 k income max for joint?

[manderly6]

Generally when something is tax deductible you "get back" whatever your tax rate is. You get to reduce your taxable income. So basically you don't have to pay tax on that specific amount. It will vary by person as there are mulitple tax rates.

[SmartMoney]

First, there's the deduction time frame. It's restricted to a few years. This tax-filing season, you can claim a deduction for PMI premiums only if you took out the mortgage on which you pay PMI on or after Jan. 1, 2007. If your home loan was issued before that date, none of your 2007 PMI payments are deductible.
And if you get a new mortgage in 2008 through 2010, any associated PMI premiums on that loan will be deductible in those tax years.

From the IRS Website for 2009:

Claiming your deductible mortgage insurance premiums. If your adjusted gross income on Form 1040, line 38, is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums. Otherwise, figure your deductible mortgage insurance premiums for the current year using the rules explained under Mortgage Insurance Premiums in Part I. If the amount on Form 1040, line 38, is $100,000 or less ($50,000 or less if married filing separately), enter the full amount of your qualified mortgage insurance premiums on Schedule A (Form 1040), line 13. If the amount on Form 1040, line 38, is more than $100,000 ($50,000 if married filing separately), your deduction is limited. Enter your qualified mortgage insurance premiums on line 1 of the Qualified Mortgage Insurance Premiums Deduction Worksheet in the instructions for Schedule A (Form 1040) to figure the amount to enter on Schedule A (Form 1040), line 13.

But here is the issue - tax regulations are known sometimes until December of the year before. We already know there is a mortgage insurance deduction, but the qualifying criteria changes year to year (it's been declining year to year). If there is a pre-established AGI, it's not on the IRS website.