Las Vegas Real Estate News Blog

For taxpayers who have not yet filed their 2007 tax returns, consider the possible tax deduction of your private mortgage insurance.  Due to the tax law passed by Congress late last year, a home buyer might be able to save several hundred dollars in taxes with this deduction.  The deduction applies only to mortgages that will close in 2007.  The borrower’s adjusted gross income must be $100,000 or less, whith deductions phasing out.  As of this moment, Congress has not yet passes the law to affect 2008 and beyond.  If a home buyer takes the standard deduction, instead of itemizing deductions, the new tax law will not make a difference.  For more information about how this might benefit you, contact your tax advisor for details.