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Sheila Smith Real Estate Group

Sheila Smith Real Estate Group

Homes in Boise, Meridian, Eagle, Nampa, Caldwell, and greater Idaho areas.

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Deduct Mortgage Insurance for Tax Savings

December 30, 2015

Great news! Congress has voted to extend the tax deduction for mortgage insurance (MI) through 2016.
If your mortgage requires mortgage insurance, you can deduct it on your federal income taxes this year and next year.

Who qualifies for the tax deduction?

Borrowers with adjusted gross incomes up to $100,000 can deduct 100% of their borrower-paid MI premiums. Deductions are reduced by 10% for each additional $1,000 of adjusted gross income, phasing out after $109,000.
The threshold for married borrowers filing separately is $50,000 of adjusted gross income per person. Deductions are reduced by 5% for each additional $500 of adjusted gross income, phasing out after $54,500.

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  • 1420 W Washington St
    Boise, ID 83702
  • (208) 254-2090
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Find A Home

TBD N Creekwater Ave $1,290,000

TBD N Creekwater Ave Eagle, Idaho

5 Beds 4 Baths 3,266 SqFt 0.3 Acres

12975 Silversage Dr $1,120,000

12975 Silversage Dr Nampa, Idaho

4 Beds 4 Baths 2,938 SqFt 2.13 Acres

5806 N Duxbury Pier Ln $763,000

5806 N Duxbury Pier Ln Garden City, Idaho

2 Beds 2 Baths 1,796 SqFt 0.1 Acres

TBD S Roosevelt St $725,000

TBD S Roosevelt St Boise, Idaho

4 Beds 3 Baths 1,942 SqFt 0.153 Acres

1003 N Kimball St $658,700

1003 N Kimball St Boise, Idaho

4 Beds 3 Baths 2,143 SqFt 0.13 Acres

999 N Kimball St $648,800

999 N Kimball St Boise, Idaho

4 Beds 3 Baths 2,088 SqFt 0.2 Acres

7761 S Wagons West Ave $638,000

7761 S Wagons West Ave Boise, Idaho

4 Beds 3 Baths 2,147 SqFt 0.13 Acres

2002 S Sportsman Way $598,900

2002 S Sportsman Way Meridian, Idaho

4 Beds 3 Baths 2,425 SqFt 0.202 Acres

1011 N Kimball St $598,000

1011 N Kimball St Boise, Idaho

3 Beds 3 Baths 1,569 SqFt 0.12 Acres

2421 N Fisk Ln $469,000

2421 N Fisk Ln Boise, Idaho

3 Beds 3 Baths 1,887 SqFt 0.1 Acres

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Sheila Smith Real Estate Group
1420 W Washington St.
Boise, ID 83702

(208) 254-2090

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