The PMI tax deduction of 2007, allowed taxpayers to deduct mortgage insurance commonly called private mortgage interest or PMI. Initially the deduction was only good for calendar year 2007. Without legislation to extend it, this deduction would end on December 31, 2007.
The US Senate and House of Representatives have voted to extend the PMI tax deduction legislation for three (3) more years. President Bush is expected to sign this bill before the end of the year.
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Submitted by Ron Jensrud