New for 2007, the legislation has voted that taxpayers who itemize their deductions can  deduct premiums paid for mortgage insurance - which typically is required when home buyers purchase their homes with less than 20% down.

Currently, only the interest paid on one's mortgage is deductible if the taxpayer itemizes deductions.

The new insurance premiums deduction will only apply to mortgage insurance contracts issued in 2007 and is only available to taxpayers whose adjusted gross incomes does not exceed $110,000 ($55,000 for married taxpayers filing.

If you have any questions please feel free to blog me, or if you have any other ideas you would like to read about please let me know!