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Politics : Ask Michael Burke
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To: Skeeter Bug who wrote (79232)4/10/2000 12:21:00 PM
From: benwood  Read Replies (2) of 132070
 
Skeeter, I read that some big tax-advisory firm was recommending to its aggressive clients to deduct PMI as a mortgage interest expense because, they reasoned (correctly, in my opinion) that PMI is a form of increased interest while the risk is higher (like high-interest rate credit cards for people who are financially borderline).

The IRS hasn't been allowing it as of yet (last I heard), but this firm said they intended to use some of their risk-loving clients as a means to challenge the IRS in court. Haven't heard the progress or results in the past 12 months, though, so I'd say it would be worth a peek around. You could probably find a reference to this firm and the progress they've made with a quick internet search.

Edit: here's a link to WaMu's loan that slips the PMI in as interest. Of no help to you, but a step in the right direction for the future to get around the IRS rules:

mercurycenter.com
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