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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
Qualified plan
A retirement plan that meets tax law tests and allows for tax deferment and tax-free accumulation of income until benefits are withdrawn. Pension, profit-sharing, stock bonus, employee stock ownership, and Keogh plans and IRAs may be qualified plans.
