Thursday, January 10, 2008

Consumer brief

NEW YORK (1/10/08)--If you took out a mortgage or refinanced in 2007, don't forget to deduct your private-mortgage-insurance (PMI) payments on your taxes, if you're eligible. Typically, you pay PMI if the equity in your house is less than 20% of the home's value. If your adjusted gross income (AGI) is $100,000 or less, you're eligible to deduct PMI payments on your taxes. Deductions are phased out up to AGI of $109,000. Congress recently extended the tax break to 2010 and it applies to your primary residence and one other residence, but not to rentals ( Dec. 27)...

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