It used to be that you filed your FAFSA as…
These deductions and credits expire at midnight
on December 31, 2016. I don’t think that any will be back – but ???
Those of you who have lost your home due to foreclosure – the exclusion of that debt from your taxable income expires on 12/31/2017 (up to $2million).
Credit for installing energy-efficient windows, geothermal heat pumps and fuel cell property.
Deduction for private mortgage insurance.
Remember – Tax deductions reduce taxable income; their value thus depends on the taxpayer’s marginal tax rate . A credit reduces the tax itself.
Wishing everyone a Happy New Year!
See you in 2017!