Mortgage insurance will be tax deductable for many homeowners that purchase between 2007-2010. The tax deduction will apply to home owners purchasing a home in 2007 or later. In order to receive the full deduction, the adjusted gross income must be $100,000 or less. Deductions are phased out in 10% increments for borrowers with adjusted gross incomes between $100,000 and $109,000. Read more...