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- Did You Pay Tax on Home Mortgage Debt Relief in 2018? You May Be Entitled to a Refund
- Whenever a taxpayer’s debt is forgiven, whether it is credit card debt, home mortgage debt, an auto loan, or other debt, that forgiven debt – referred to as cancellation-of-debt (COD) income – becomes taxable income to the taxpayer unless the debt was discharged in a bankruptcy proceeding or the taxpayer qualifies for one of the tax law exclusions providing relief from taxation of COD income.
- Video: Tax Extenders and Tax Return Amendment Opportunities
- Learn about the tax extenders and retroactive provisions for 2018
- The Home Energy Saving Tax Credit Is Back
- The Residential Energy (Efficient) Property Credit was initially introduced in 2006. The credit’s name is somewhat misleading, and the credit is best described as an energy-saving credit since it applies to improvements to the taxpayer’s existing primary home to make it more energy efficient. Over the years since it was first introduced, it has provided a tax credit in amounts varying from 10% to 30% of the cost of energy-saving devices installed as part of a taxpayer’s home, with the maximum credit ranging from $500 to $1,500. Currently, the credit percentage is 10%, with a lifetime credit amount limited to $500.
- 5 Things You Need to Know About Sales Taxes in QuickBooks Online
- The most important thing you need to know about sales tax is that administering it correctly can be challenging
- Mortgage Insurance Premium Deduction Retroactively Extended
- For tax years 2007 through 2017, when taxpayers itemized deductions, they could deduct the cost of premiums for mortgage insurance on a qualified personal residence as home mortgage interest.
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