I'm about to get into an FHA loan and was wondering if I can write off this upfront mortgage insurance Premium on my taxes. Any help???
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Under code section 163(h)(3)(E), FHA mortgage insurance premiums are deductible. The premium has to have been paid in conjunction with the buy of your principle residence. It has to be paid on a mortgage issued after December 31, 2006. The deduction only applies for 2007 through 2010. If your adjusted yucky income exceeds $100,000 the deductible premium is reduced by 10% of each $1,000 of AGI above the $100,000.