Submitted By: Marjorie
Answered: August 13, 2013 8:30 am

: I’m buying a home with less than 20% down and have to pay private mortgage insurance. Is this deductible for 2013?

Mortgage insurance paid in 2013 can be deductible as mortgage interest (the deduction is scheduled to expire at the end of this year). However, income limits apply to limit or prevent a deduction.

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Tax Glossary

Capital asset

Property subject to capital gain or loss treatment. Almost all assets you own are considered capital assets except for certain business assets or works you created.

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