Feb
16

Don’t Forget to Report PMI on Income Taxes

February 16, 2011

tax formAmericans dodged a tax bullet at the end of 2010. Several tax deductions

were scheduled to expire, and if Congress had not acted in time, Americans would have seen taxes increase in many areas.

One of these deductions was for the PMI or private mortgage insurance you may be paying on your Chicago real estate. Lenders generally require borrowers to get the insurance when they put less than a 20 percent down-payment on their mortgage loans. PMI payments vary widely, but can easily add up to a few thousand dollars a year. That’s a deduction you’re not going to want to miss.

The

Equifax Personal Finance Blog lists other benefits you’ll want to make sure are captured on your 2010 return. In her article, “

2010 Tax Relief: A Checklist of Benefits for Your 2010 Tax Return,” Equifax tax expert Eva Rosenberg says it’s especially important to double check for these deductions if you filed early. It took some time for tax-software companies to update their programs after the last minute changes by Congress.

You’ll want to visit the

Equifax Personal Finance Blog to see Rosenberg’s full list of tax benefits to check, but a couple of examples include:

  • Student loan deductions up to $2,500 per tax return.
  • Married standard deduction double the single standard deduction (no return to the marriage penalty!).
  • Child and dependent care credit for up to $3,000 of childcare expenses.

If you check out Rosenberg’s

tax deduction post, you’ll also learn how much more you can expect to get in your check this year due to a reduction in your share of payments to your Social Security account. Every little bit helps, right?

About The Author

Read All Stories By Carol Morgan

Carol Flammer is a public relations and social media marketing expert, strategist and consultant. With 20 years of experience, Carol has established herself as the “go to” for real estate and construction products public relations and social media. Carol is president of Flammer Relations, Inc., and managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Atlanta and Chicago.

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