NLIC.org

Lewis Said:

Why do liberals lie and say the Bush tax cuts were for the wealthy?

We Answered:

same kind of thinking as when obama said he would actually cut taxes for 95% of americans when 30% dont even pay taxes...
faulty math, and no educatin in economics.

Rosemary Said:

Unmarried, co home owners, how would itemizing work?

We Answered:

If you both paid the house payments equally you can split the deductions. If he paid all then he deducts all. This is probably better anyway since splitting puts you below the standard deduction. If his SS number is on the 1098 form this should be no problem.

Todd Said:

Question about UFMIP and tax deductions?

We Answered:

They included in on the 1098 because 2008 is the year in which the amount was paid. It will not appear on future 1098's. Since the full amount is not deductible in 2008, you must calculate how much is deductible this year and in each subsequent year and claim the deduction each year that it is allowed. According to the IRS's website, the calculation is:

Question 2: I paid a lump-sum premium in 2008 that also covers years after 2008. How do I figure my deduction?

Answer: If you paid a lump-sum premium for insurance provided by FHA or a private mortgage insurer that also covers years after 2008, you must determine the portion of the premium that pays for insurance for 2008 by dividing the total premium by the stated term (number of months) of your mortgage, or 84 months, whichever is shorter. Multiply that amount by the number of months during 2008 that your home was covered by the mortgage insurance. Enter the amount allocated to 2008 in the worksheet for Schedule A, Line 13, to figure your deduction for 2008. You figure your deduction in later years based on the amounts allocated to those years. If your mortgage is satisfied before the end of your allocation period, you cannot deduct the amounts that are allocated to periods after the mortgage is satisfied.
If you paid a lump-sum premium for insurance provided by VA or Rural Housing, commonly known as a funding fee and guaranty fee respectively, no allocation is necessary, and you figure your deduction for 2008 based on the full amount of the payment. Enter the full amount in the worksheet for Schedule A, Line 13, to figure your deduction.