Dave T Posted February 2, 2018 Report Share Posted February 2, 2018 Schedule A Line 13 is greyed out with the remark " Reserved for Future Use" Previously that line was for Mortgage Insurance Premiums. I read somehere recently that the provision for deductibility of the premiums was extended to 2017 and 2018. I have a client whose mortgage statement has the premiums amount paid and he meets the criteria for deductibility but I guess I will have to wait unitl a subsequent version is available before I can file. Am I correct in this? Thank you Dave T Quote Link to comment Share on other sites More sharing options...
Possi Posted February 2, 2018 Report Share Posted February 2, 2018 My returns will not efile with that deduction. I think the decision is still on hold. Anybody know? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 2, 2018 Report Share Posted February 2, 2018 That was not extended beyond 2016. There is an extenders bill that seems to be going nowhere. Ask your clients if they want to go on extension to wait to see if that provision is extended. Or, if they prefer to file now without, and pay you to amend later if the bill ever sees the light of day. (Or you do the work for free.) But, explain to your clients and let them choose. Quote Link to comment Share on other sites More sharing options...
Lee B Posted February 2, 2018 Report Share Posted February 2, 2018 It's part of the tax extenders bill currently sitting in the Senate. The House has shown little interest in passing the bill. Probably the only chance of the extenders bill passing is if the Senate attaches it to the CR on February 8th, when we face the next government shutdown. Also included in the bill are: 1. College tuition and fees deduction 2. Forgiveness of Home Mortgage Debt Cancellation Income 3. Home Energy Credits 4. Electric Vehicle Credits 5. A long list of special interest provisions for NASCAR & etc. 1 3 Quote Link to comment Share on other sites More sharing options...
Possi Posted February 2, 2018 Report Share Posted February 2, 2018 1 minute ago, Lion EA said: That was not extended beyond 2016. There is an extenders bill that seems to be going nowhere. Ask your clients if they want to go on extension to wait to see if that provision is extended. Or, if they prefer to file now without, and pay you to amend later if the bill ever sees the light of day. (Or you do the work for free.) But, explain to your clients and let them choose. That's what I am doing with my clients. 1 minute ago, cbslee said: It's part of the tax extenders bill currently sitting in the Senate. The House has shown little interest in passing the bill. Probably the only chance of the extenders bill passing is if the Senate attaches it to the CR on February 8th, when we face the next government shutdown. Also included in the bill are: 1. College tuition and fees deduction 2. Forgiveness of Home Mortgage Debt Cancellation Income 3. Home Energy Credits 4. Electric Vehicle Credits 5. A long list of special interest provisions for NASCAR & etc. Thanks. That's very helpful! Quote Link to comment Share on other sites More sharing options...
Pacun Posted February 6, 2018 Report Share Posted February 6, 2018 I am preparing returns based on the current laws so I am efiling and telling them that as of today, there is not credit for mortgage insurance. I do have one that I might hold it because he pays a lot on mortgage insurance but when the time comes, I will just file with or without that credit. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.