The National Directory of Certified Public Accountants

Ask A CPA - Interest - Itemized Deduction

Mortgage Insurance Premiums Deducted As Residence Interest

ATRA, extends this treatment to amounts paid or accrued before January 1, 2014 (and not properly allocable to any period after 2013).,Br> Taxpayers can treat amounts paid during the year for qualified mortgage insurance as qualified residence interest. To qualify for this treatment, the insurance must be in connection with acquisition debt for a qualified residence, and the insurance contract must have been issued after 2006.

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