Lenders often require borrowers, who make a down payment of less than 20%, purchase private mortgage insurance, or PMI. This is supposed to help cover lender losses if the borrower defaults on the loan.
President Bush and Congress just made it so that PMI could be tax deductible on upcoming tax returns.
In order to be eligible, your policy must have been issued on or after January 1, 2007. You cannot take the deduction if the policy was issued in 2006 or before.
Other criteria may apply to your particular situation. Please consult an accountant for complete details.
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