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These Deductions End December 31, 2016

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!

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