IRS Deductions... Great news

The IRS allows many deductions related to home ownership. Everyone knows about the interest and real estate taxes deductions, but are you missing any other tax savings on your home? For instance, did you know that your mortgage insurance premiums may be tax deductible?  If you own a home and have equity of less than 20% (or have a VA loan) you probably are paying mortgage insurance each month in your payment. Congress has extended the tax deduction for Mortgage Insurance premiums through 2010 so don’t forget this possible tax savings when filing your tax return. Attached is the IRS Form 936 which has a complete list of all the deductions associated with home ownership (the mortgage insurance deduction info is on page 7). Coutesy of Diane Rifia..