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Feb 13, 2018
2:43
:10
pm
ArchbishopMitty
Walk-on
That's what I don't understand, why buy a home you can't afford and lose more $$
It's expensive to be poor. The system is rigged against us. Don't cave!!
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ArchbishopMitty
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rommel
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Mitty
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ArchbishopMitty
Joined
Nov 16, 2012
Last login
May 29, 2019
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Messages
Author
Time
PSA: If you have already filed your tax return and you itemized your deductions
Chester Copperpot
2/12/18 11:02am
Did the phase outs change?
RexIdaCoug
2/12/18 11:07am
Not that I saw.
Chester Copperpot
2/12/18 11:29am
I just felt 25% of my hair instantly turn grey.
buhlcougar
2/12/18 11:09am
So if I didn’t have mortgage insurance, I’m good?
rainorsnow
2/12/18 11:10am
No, you need to find out how much your neighbor paid for their mortgage insurance and amend using that figure.
Pimpin4Paradise
2/12/18 11:16am
I’ll do that, thanks!
rainorsnow
2/12/18 11:21am
Yes.
Chester Copperpot
2/12/18 11:31am
Thanks. I’ll actually need to amend. I did pay last year. MIP didn’t fall off
rainorsnow
2/12/18 11:39am
Is it still Line 13 on Schedule A?
rainorsnow
2/12/18 11:51am
I think so, but not sure on that.
Chester Copperpot
2/13/18 2:48pm
This was the Post of the (tax) Year!
cucciolo25
2/12/18 11:16am
Now, if I did my taxes on paper forms and mailed them in, how do I fix this?
cucciolo25
2/12/18 11:18am
File your 1040X on paper and they'll process it. You can file it anytime.
Chester Copperpot
2/12/18 11:29am
Thank you!
AZcougLawyer
2/12/18 11:24am
What about when a filing joint return?
HuskerFan2
2/12/18 11:26am
It's the same. Depending on if you itemize and you paid mortgage insurance
Chester Copperpot
2/12/18 11:31am
Fortunately (and unfortunately) I've been held hostage by E*Trade so I haven't filed yet.
HuskerFan2
2/12/18 11:33am
This is only for those that are paying mortgage insurance?
Sandy Lyle
2/12/18 11:31am
Yes, only if you paid mortgage insurance premiums.
Chester Copperpot
2/12/18 11:31am
Just say no to PMI. What a waste of money.
dYrtbYkerYder
2/12/18 11:36am
AMEN. It was the only way we could get into a great situation.
cucciolo25
2/12/18 11:54am
I hear ya. It's just worth prioritizing getting to 20% equity to get rid of it.
dYrtbYkerYder
2/12/18 12:29pm
So unfortunately that didn't work. We did prioritize and got to 20% a couple
cucciolo25
2/12/18 12:52pm
That sounds illegal. What I've read says that lenders are required to remove PMI
dYrtbYkerYder
2/12/18 1:22pm
More links:
dYrtbYkerYder
2/12/18 1:28pm
OK, I'm mixed my facts up a bit...but you've still helped me.
cucciolo25
2/12/18 2:01pm
We had to pay for an appraisal but it was worth it to save the PMI. that was 30
scott715
2/12/18 2:37pm
Wait, people actually pay for that PMI crap? Why throw money away?
ArchbishopMitty
2/12/18 6:53pm
Because you don't have the 20% down payment.
scott715
2/12/18 9:20pm
That's what I don't understand, why buy a home you can't afford and lose more $$
ArchbishopMitty
2/13/18 2:43pm
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