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.
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