What to do with Mortgage Insurance on Your Taxes
Another new year is upon us and you know what that means… BOX Home Loans has the best rates!!! And… In a few months you’ll be filing your taxes! If you’re anything like me you’ll choose to file your taxes on your own with Turbo Tax or maybe you just go “Chuck Norris” style straight to the IRS and download your own forms.
Well, if yore doing it on your own you might like to know that NOT deducting Mortgage Insurance is one of the top mistakes homeowners make on their taxes? What did you do with your Mortgage Insurance Premiums when you filed your taxes in 2014. Lets take a look at some tips for what you might consider when filing your 2015 tax returns:
IRS Tips for Mortgage Insurance
The IRS Website can actually be quite a useful resource if you know what your looking for. Here is a great article to point you in the right direction on how to treat mortgage insurance when filing taxes. You may also want to stop by the IRS site that outlines how to deduct mortgage insurance because not everyone qualifies for this deduction. (click on Mortgage Insurance Premiums at the table of contents)
While this article states that deducting mortgage insurance is nice, I think you’ll agree that eliminating it all together is even nicer!! Give us a call today to see if a refinance could eliminate your Mortgage Insurance premiums altogether! Or just check todays rates on our home page (no personal information required!)
If you’ve found yourself so enthused about this article, or maybe you’re doing a book report… perhaps you should refer to another post from the Box Home Loans Blog a few years ago about why does mortgage insurance exist at all.
Oh, here’s the link to the previously mentioned article: http://www.houselogic.com/…/deducting-private-mortgage-ins…/