BulldogTom Posted December 2, 2014 Report Posted December 2, 2014 I have been looking at articles on the tax extenders that congress is considering in the lame duck session but no mention of PMI deduction being extended. Has anyone heard anything about this specific deduction? Most of the articles focus on R&D and teachers $250 deduction. Thanks Tom Newark, CA Quote
mcb39 Posted December 2, 2014 Report Posted December 2, 2014 From my Classbook: "For calendar years 2007 through 2013, qualified mortgage insurance premiums for a qualified residence were deductible as qualified residence interest, subject to AGI limitations. Beginning in 2014, no mortgage insurance premiums are deductible, even for taxpayers who were amortizing prepaid premiums and had not completed the amortization period." It doesn't say anything about it being included in the possible extenders. Quote
Jack from Ohio Posted December 3, 2014 Report Posted December 3, 2014 Better chance of winning the LOTTO than predicting what or when Congress will deal with these. I am already telling clients that filing season will probably be delayed till at least Feb. 1, 2015. Quote
BulldogTom Posted December 4, 2014 Author Report Posted December 4, 2014 Read an article online yesterday that said the PMI deduction is included in the house bill that passed yesterday. No word on Senate action. The senator from Ohio is pissed because one of his constituent companies lost a credit. The White House is apparently signaling that the president will sign the house bill if the senate passes as well. Only 50 of the 55 expiring provisions made the cut. Tom Newark, CA Quote
Max W Posted December 5, 2014 Report Posted December 5, 2014 The PMI is included in the House version of the extenders bill. Now, it is up to the Senate. See 5th bullet point https://www.congress.gov/bill/113th-congress/senate-bill/1859 Quote
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