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Submitted By: Marjorie
Answered: August 13, 2013 8:30 am
Answered: August 13, 2013 8:30 am
: I’m buying a home with less than 20% down and have to pay private mortgage insurance. Is this deductible for 2013?
Mortgage insurance paid in 2013 can be deductible as mortgage interest (the deduction is scheduled to expire at the end of this year). However, income limits apply to limit or prevent a deduction.
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Tax Glossary
Self-employment tax
Tax paid by self-employed persons to finance Social Security coverage. In 2007, there are two rates. A 12.4% rate applies to a taxable earnings base of $95,700 or less and a 2.9% rate applies to all net earnings.
