March 20, 2018

Home-related tax breaks on 2017 returns





If you own a home🏠, you may be eligible for several valuable breaks when filing your 2017 return. But under the Tax Cuts and Jobs Act, your home-related breaks may not be as valuable next year. Affected breaks đź’¸ include deductions for property tax, mortgage interest, home-equity-debt interest and home office expenses. Also, a mortgage-insurance premium deduction and a debt forgiveness exclusion expired Dec. 31, 2017, but they might be extended. We can help you determine which breaks you can claim on your 2017 return and how your 2018 tax situation may be affected.