OBBB Act updates key tax rules for condo owners, including higher standard deductions, a $750,000 mortgage interest limit, and a $40,000 SALT cap. Owners should consult tax professionals and update ...

From increased deductions on mortgage interest to more incentives for low-income housing construction, the 'Big Beautiful ...

Opinions on the law will, no doubt, radically differ based on individual assessments of the far-reaching implications beyond ...

While the deduction itself isn't expanding, the bill restores and boosts other federal tax breaks that benefit homeowners. A deduction for mortgage insurance premiums has been revived, and a cap ...

WASHINGTON, July 13-- Rep. Julia Brownley, D-Calif., introduced the "Mortgage Insurance Tax Deduction Act" on June 7, 2023. The text of the bill was released on July 12. H.R. 3891. A bill to amend ...

To understand how it works, take a look at this mortgage interest deduction example: If you purchase a $400,000 home with a 20% down payment and take out a 30-year, fixed-rate loan with a 7% ...

Mortgage Insurance Premium (MIP) is an insurance you’ll have to pay if you get a Federal Housing Administration (FHA) loan. MIP comes in two parts: upfront plus annual costs. MIP is calculated ...

An aerial view of homes in Miami Beach, Florida. Getty Images What To Know Between 2007 and 2021, mortgage insurance premiums were tax deductible for these homebuyers, but the legislation expired ...