This may be the last time you can take advantage of a special tax break for mortgage insurance premiums.

Basic premise: The tax law permits you to deduct the premiums paid on mortgage insurance for originations issued in 2007. Currently, the deduction is scheduled to expire after 2007 (although it may be extended by legislation being debated by Congress).

However, the one-time deduction is phased out for certain taxpayers. If your AGI is $100,000 or less you are entitled to the full deduction. For an AGI between $100,000 and $109,000, you may be able to claim a reduced deduction. It is suggested that you consult with a tax professional for more details.