WaPo: 2 New Housing Tax Breaks

Interesting article in the Washington Post: New Tax Law Gives Home Buyers a Break or Two, by Benny L. Kass:

President Bush this week signed a law that includes almost 200 tax changes, at least two of which are potential money savers for home buyers.

First-time D.C. home buyers: If you are buying your first home in the District, and it will be your principal residence, you may be eligible for a credit against your federal taxes of up to $5,000. [See Form 8859, District of Columbia First-Time Homebuyer Credit.] …The new law — as least for mortgage insurance issued next year — allows such deductions.

Deducting private mortgage insurance premium payments: … The new law — as least for mortgage insurance issued next year — allows such deductions.

About the Author

Paul Caron

Paul Caron was named Duane and Kelly Roberts Dean of Pepperdine University School of Law on June 1, 2017. Dean Caron joined the Pepperdine faculty in 2013 after serving as the Dorothy and Leonard Straus Distinguished Visiting Professor of Law in the spring semesters of 2010 through 2013. He served as Associate Dean for Research and Faculty Development at Pepperdine in 2015-2017. Before coming to Pepperdine, he was Associate Dean of Faculty and Charles Hartsock Professor of Law at the University of Cincinnati College of Law.