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Can you deduct FHA mortgage guarantee fee??


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Can you deduct FHA mortgage guarantee fee??
Not at this time. The deduction for mortgage insurance premiums expire d at the end of 2016 and has not been extended for 2017.
There are a number of tax provisions that expired as of December 31, 2016 and are currently not available for the 2017 tax year. Examples of provisions that are expired and currently not available are the tuition and fees deduction, and deduction for mortgage insurance premiums, among others.
These temporary provisions that are scheduled to expire every few years are collectively referred to as “extenders”. In past years, Congress has acted to extend expired or expiring tax provisions; commonly, the changes to these extender provisions are applied retroactively. To date, an extender bill has been introduced but Congress has not taken further action on the provisions that expired 12/31/16.
Should an extender bill pass after you have filed your 2017 return and there is a provision extended retroactively that applies to them, you would likely be required to file an amended return to claim any additional refund. You may prefer to wait to see what happens with the extenders before filing your tax return.
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Can you deduct FHA mortgage guarantee fee??
Not at this time. The deduction for mortgage insurance premiums expire d at the end of 2016 and has not been extended for 2017.
There are a number of tax provisions that expired as of December 31, 2016 and are currently not available for the 2017 tax year. Examples of provisions that are expired and currently not available are the tuition and fees deduction, and deduction for mortgage insurance premiums, among others.
These temporary provisions that are scheduled to expire every few years are collectively referred to as “extenders”. In past years, Congress has acted to extend expired or expiring tax provisions; commonly, the changes to these extender provisions are applied retroactively. To date, an extender bill has been introduced but Congress has not taken further action on the provisions that expired 12/31/16.
Should an extender bill pass after you have filed your 2017 return and there is a provision extended retroactively that applies to them, you would likely be required to file an amended return to claim any additional refund. You may prefer to wait to see what happens with the extenders before filing your tax return.
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