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Does your mortgage lender require you to pay insurance premiums as protection against default on the loan? Mortgage insurance is typically required by lenders for those who buy homes with low or no down payments. The good news: Premiums for qualified mortgage insurance can potentially be treated as deductible mortgage interest on your tax return. This deduction is currently available through 2010 and the IRS has issued guidance showing taxpayers how to allocate expenses in order to claim them. Click "Full Article" for the details.
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.