Finanse publiczne · 07/05/2012

Final Regulations Released for Allocating Mortgage Insurance Premiums

The IRS has issued final regulations that outline how to allocate prepaid mortgage insurance premiums to determine the amount of interest that qualifies for tax deduction, reflecting changes made by the Tax Relief and Health Care Act of 2006, the Mortgage Forgiveness Debt Relief Act of 2007, and the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, affecting taxpayers who pay prepaid qualified mortgage insurance premiums.