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Do not miss out on any homeowner 2015 tax deductions

January 21, Washington Post
The 2016 tax year officially opened Jan. 19 when the Internal Revenue Service started accepting 2015 tax returns.Despite rumors that several valuable homeowner deductionsns might be eliminated or modified, taxpayers are in luck this year. In mid-December, Congress passed the Protecting Americans from Tax Hikes Act of 2015. Many exemptions that would have expired were extended for a year or more, and others were made permanent.Spared were the exemption for private mortgage insurance to protect the mortgage holder; the tax credit for energy-efficient home improvements; and the exclusion for mortgage-debt forgiveness for owners of a foreclosed or short-sale home.The elimination of those allowances would have been a significant financial setback to many homeowners. According to a recent National Association of Realtors survey — Profile of Home Buyers and Sellers (November 2015) — 80 percent of home buyers view home ownership as a good investment, and 43 percent believe that buying a house is a better investment than putting money in the stock market.  Read more

Posted by: Blair Hart on January 25, 2016