If you took out a first mortgage
on your home
after 2006, you may be able to deduct qualified mortgage
insurance premiums you pay in connection with the loan. Qualified mortgage
insurance is mortgage
insurance provided by the Veterans Administration, the Federal Housing Administration, or the Rural Housing Administration, and private mortgage insurance (as defined in section 2 of the Home Protection Act of 1998 as in effect Dec. 20, 2006). Prepaid mortgage
insurance premiums generally must be deducted over the period to which they apply. This deduction is available through 2010.
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