What tax deductions may be disappearing soon?
- February 8, 2017
- David Greene
- Comments Off on What tax deductions may be disappearing soon?
With the new Trump administration, we may lose some tax deductions that we’ve used in years past. Therefore you should be sure to take advantage of them this tax year in case they are not available next year. Some of these are: (1) the Home Office deduction; (2) Mortgage interest deduction – this has been used for years but there have been rumors that it might be taken away; (3)Mortgage debt exclusion (this is the PATH Act, which excludes forgiveness of mortgage debt from becoming income); (4) Charitable donations; (5) Child Tax credit; (6) Child and Dependent Care credit; (7) Adoption Credit. These are some of the more popular ones but there are others. Be sure to talk to your qualified tax preparer about what you can deduct.