On Tuesday, Congress elected to extend several expired “temporary” tax breaks for 2014, and included in there are a couple of deductions for select homeowners.
First, homeowners paying mortgage insurance premiums will be able to deduct he cost of the their premiums if they itemize their deductions. And anyone who has foreclosed on a home or sold their home for less than the amount still owed to the bank and had their remaining debt forgiven, the IRS will allow you to exclude that amount from your income.
The bill is now in the hands of President Barack Obama, and according to CNN Money, he is expected to sign it.
Image via flickr/John Morgan
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