Another new, short term deduction - for NEW mortgages, mortgages established in 2007, if you are required to pay PMI, private mortgage insurance, the amount you pay will be deductible as part of your interest expense for 2007. It is ONLY the amount actually paid and the mortgage MUST have started in 2007. This applies to all mortgages established in 2007. So far, Congress has only authorized this deduction for one year.

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.