Permanent Tax Deduction for Mortgage Insurance Premiums
This act makes the tax deduction for mortgage insurance premiums permanent. This means individuals paying mortgage insurance will be able to reduce their income tax every year, potentially leading to savings in their household budget. These changes will apply to amounts paid or accrued after December 31, 2024.
Key points
The ability to deduct mortgage insurance premiums from income tax becomes permanent, with no expiration date.
Homeowners with mortgage insurance can expect ongoing tax relief, potentially lowering their annual tax burden.
The new rules apply to payments made after December 31, 2024.
Status:
Introduced
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