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What are the income limits for PMI deductions in TY2007?
I've read that the single limit is $50,000, but the info I found on the IRS website says that limit only applies to married people filing seperately... I'm single and earn less than $100,000 but more than $50,000. Can I deduct 100% of my PMI in 2007?
Bought this year...
From IRS Website:
Limit on deduction. If your adjusted gross income on Form 1040, line 38, is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be eliminated. See Line 13 in the instructions for Schedule A (Form 1040) and complete the Qualified Mortgage Insurance Premiums Deduction Worksheet to figure the amount you can deduct. If your adjusted gross income is more than $109,000 ($54,500 if married filing separately), you cannot deduct your mortgage insurance premiums.
1 Answer
- Anonymous1 decade agoFavorite Answer
Your income limit is $100K.