Double Checking - VA funding fee not deductible in 2014?

[BulldogTom]

Just want to make sure I am telling my client the right thing.  They are purchasing a home with a VA loan.  There is a 10K VA funding fee.  I know that these were allowed as PMI last year.  I think the PMI deduction went away for 2014.

 

Can you please confirm.

 

Thanks

 

Tom

Hollister, CA

[Jack from Ohio]

Just want to make sure I am telling my client the right thing.  They are purchasing a home with a VA loan.  There is a 10K VA funding fee.  I know that these were allowed as PMI last year.  I think the PMI deduction went away for 2014.

 

Can you please confirm.

 

Thanks

 

Tom

Hollister, CA

You are correct about the deduction ending on Dec. 31, 2013. However, this is one if the things that Congress may pass at the end of the year and make it retroactive to Jan 1, 2014. Stand by for more lunacy with tax deductions and credits for 2014!!