When Doing Your Taxes
Retroactively extends for the 2017 tax year:
Mortgage Debt Forgiveness
This provision will prevent homeowners who were forced to sell their home through a short-sale last year, or who faced a foreclosure, from being taxed on the “phantom income” they received when a lender canceled their debt.
Deduction for Mortgage Insurance Premiums
This provision will allow approximately four million homeowners to deduct the mortgage insurance premiums they paid as part of their mortgage. NAR estimates that roughly two million homebuyers annually purchase a home that is subject to mortgage insurance. This provision helps make homeownership more affordable for the first time and entry-level homeowners.
Energy efficient commercial buildings deduction
This provision extends the deduction for the cost, up to $1.80 per square foot, of energy-efficient commercial building property. Increasing the energy efficiency of commercial buildings not only helps the environment, it saves building owners and tenants money that they can use to grow their businesses and the economy. Continue Reading …