Congress recently extended a number of tax breaks for 2017 that include the extension of a few previously expired deductions and credits. Here’s a look at three of the key provisions that impact individuals and families.
- Qualified mortgage insurance premiums – Qualified homeowners with mortgage insurance can deduct 100 percent of their premium costs.
- Tuition and fees deduction – College students or parents can deduct up to $4,000 in college tuition and other education-related fees and expenses, like books and supplies, paid during 2017.
- Cancellation of mortgage debt – Individual borrowers who had their mortgage debt forgiven in 2017 do not have to pay income tax on the forgiven amount as long as the debt qualifies for the exclusion.
All TaxAct 2017 products are updated to reflect these changes and ready to help those who qualify to take advantage of the tax breaks. If you were waiting for the extension of these tax provisions before completing your return, you can now sign back in and finish filing today.
Coming soon: Congress also extended The Residential Energy Credit. Once the IRS finalizes that information, we will update our software accordingly.