NAHREP joins a coalition to urge Congress to permanently extend the Mortgage Insurance Premium Tax Deduction
NAHREP joined a coalition to urge the Senate to make the current mortgage insurance premium tax deductions permanent and increase its income phaseout. For years, mortgage insurance premiums have been tax deductible and subject to an income phaseout for taxpayers with adjusted gross incomes (AGI) over $100,000 (or $50,000 if single or married, filing separately). Millions of low- and moderate-income homeowners have benefited from the tax code. However, the provision’s temporary nature and low income phaseout could create a burden in allowing additional families to claim the deduction. The AGI cap has not changed since 2007, when the deduction first took effect.