The mortgage interest premium deduction and the medical expense exception for seniors are two tax breaks that consumers won’t be able to claim on their 2017 returns, since Congress allowed them to expire at the end of 2016. The exclusion for cancelled mortgage debt; energy-saving home improvement credits; and the tuition and fees reduction are also going by the wayside. Homeowners can still qualify for mortgage debt cancellation relief when they file their 2016 returns, and claim the tuition and fees deduction on their 2016 taxes if they paid qualified tuition or fees for themselves, a dependent, or their spouse. But starting in 2017, they can no longer get a 10 percent tax credit for qualified energy-efficient improvements.
January 9, 2017