Transcription of Homeowners Information for Tax - IRS tax forms
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Homeowners Information for Tax - IRS tax forms
ContentsWhat's You Can and Can t Interest To Get Tax 's NewExpired tax benefits. Certain tax benefits, in-cluding the following, expired on December 31, itemized deduction for mortgage insur-ance premiums;The credit for nonbusiness energy debt forgiveness. The income ex-clusion for discharges of indebtedness income on a principal residence made in 2017 expired on January 1, 2017. However, you can exclude from gross income any discharges of qualified principal residence indebtedness made after 2006 and before 2017, or subject to an arrange-ment that was entered into and evidenced in writing before the time this publication went to print, the itemized deduction for mort-gage insurance premiums and the credit for nonbusiness energy property had ex-pired. You can t claim a deduction for these ex-penses paid or incurred after 2016. To find out if legislation extended these deductions so you can claim them on your 2017 return, go to developments.
Home Affordable Modification Program (HAMP). If you benefit from Pay-for-Perform-ance Success Payments, the payments aren’t taxable under HAMP. Repayment of first-time homebuyer credit. Generally, you must repay any credit you claimed for a home you bought if you bought the home in 2008. See Form 5405 and its in-
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