Budget deal revives expired individual tax breaks
Last week, President Trump signed a bill that provides tax breaks to homeowners, students and environmentalists. This includes tax breaks for mortgage insurance premiums, higher-education expenses, energy-efficient home-improvement projects and other items that had expired at the end of 2016, but are now back on for 2017.
• Deduction for mortgage insurance premiums was extended and allowed for 2017
• The above-the-line deduction for tuition was extended for 2017
• Exclusion of cancellation of debt income for qualified mortgages
• $500 energy efficient home improvement tax credit
At ShindelRock, we want you to know that we are aware of the changes and are incorporating them into 2017 tax returns. If you have any specific questions, please contact your ShindelRock tax professional today.