Mortgage Insurance Premium Question

[taxdan]

Does the income phase out rule apply to prepaid MIP that is amortized over 84 months? So if their income is over the limit in only the first year, do they get no deduction over the 7 year period?

Thanks for the input!

Dan

[TAXBILLY]

http://www.irs.gov/publications/p936/ar02.html#en_US_publink1000229966

taxbilly