Now that 2016 is over, it is the time for gathering up receipts and financial records as we begin the tax season. For those who know people who lost their house to short sale in 2016, it is a good time to remind them they may qualify for the extended tax relief on the cancelled debt.
For homeowners with mortgage insurance, the provision to allow a deduction of mortgage insurance premiums is still in effect for tax year 2016.
As always, one should speak to a CPA or other tax expert to confirm qualification before completing the tax return.
