mortgage insurance premiums may be deductible
A mortgage insurance premium deduction is only available if all of these are true:
You paid or accrued premiums on a qualified mortgage insurance contract issued after Dec. 31, 2006.
The mortgage is acquisition debt for a qualified residence (a new mortgage).
You itemize your deductions.
However, even if you meet the criteria above, the mortgage insurance premium deduction will be:
Reduced by 10% for each $1,000 your adjusted gross income (AGI) is more than one of these:
$100,000
$50,000 if married filing separately
all points paid are deductible unless rental property
for real estate taxes that are escrowed only amounts withdrawn from escrow to pay the taxes are deductible and for the first time, you have to reduce this amount for any closing credit you received for taxes that accrued during the period the previous owner owned the property. if there is a charge on the closing statement for real estate taxes read the description, the previous owner may have prepaid the taxes for a period after the sale and you are being charged for this, you get to deduct this amount
