New budget law includes last-minute tax relief for millions of homeowners

tax breaks for homeowners

tax breaks for homeownersBy Kenneth R. Harney | The Washington Post

Call it buried tax treasure for homeowners: Deep inside the behemoth 654-page bipartisan budget bill recently signed into law by President Trump are little-noticed extensions of key tax-code benefits that expired in 2016 but now can be used for upcoming 2017 tax filings.

Potentially the most popular one is aimed at millions of people who pay mortgage-insurance premiums on conventional, FHA and VA loans. Roughly 4.1 million owners took write-offs averaging more than $1,500 during 2015, the most recent year for which statistics are available. Mortgage-insurance industry officials predict that at least that many will be able claim the benefit on their 2017 tax returns — provided they learn that the deduction has been revived for the year.

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