Homeowners can claim the MI tax deduction on their federal tax return for the 2017 tax year. Congress recently passed legislation that allows homeowners with adjusted household incomes of $109,000 or less to to claim the MI tax deduction on their federal tax return retroactive to January 1, 2017. This can mean an estimated annual savings of $200 — $400 for your borrowers who need it most.
Homeowners should consult a tax professional for tax advice. Get the details.