Thanks to the Mortgage Debt Forgiveness Debt Relief Act of 2007, you can write off your Private Mortgage Insurance (PMI) payments on your taxes! Since banks are restricting on second mortgages over 80%, the industry is allowing homeowners to do the write off.

The qualification are that buyers earn a gross adjusted income of $100,000 or less ($109,000 or less can get a partial break) and that they must have purchased their home between 2007-2010.