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Article: Give me a tax break: legislators debate allowing households to deduct mortgage insurance payments.(WASHINGTON REPORT)
- Article from:
- Black Enterprise
- Article date:
- February 1, 2006
- Author:
CopyrightCOPYRIGHT 2006 Earl G. Graves Publishing Co., Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Mortgage Insurance Fairness Act may enjoy bipartisan support in both the U.S. House of Representatives and Senate, but lawmakers are dragging their feet when it comes to signing the legislation into law. If passed, it will enable households with a combined income of $100,000 or less to fully deduct mortgage insurance payments on federal tax returns.
The Washington Post reported that the bill allows borrowers below that threshold to deduct 100% of their mortgage insurance premiums; borrowers with incomes above $100,000 would lose 10% of the deduction for each $1,000 that their incomes exceed $100,000. Married households filing separately would have a $50,000 ...