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For many years, PMI premiums were tax-deductible, but this deduction expired in 2021. However, you may still be able to deduct your PMI, if it applies to a rental property.
The home mortgage interest deduction can help some filers maximize their tax refund. ... Limits on mortgage interest tax reductions ... If you used a cash-out refinance in 2021 to get another ...
The deduction doesn’t apply to the mortgage principal, nor the down payment or mortgage insurance premiums (after tax year 2021). Most buyer’s closing costs don’t count either, except for ...
For a variety of reasons some Form 1099 reports may include amounts that are not actually taxable to the payee. A typical example is Form 1099-S for reporting proceeds (not gain) from real estate transactions. The Form 1099-S preparer will report the sales proceeds without regard to the amount of the taxpayer's "basis" in the real estate sold.
Because the Tax Cuts and Jobs Act of 2017 increased the standard deduction to a level where far fewer taxpayers itemized their expenses (which is where they deduct mortgage interest), the cost to the federal government of the mortgage interest deduction was decreased by 60%, from approximately $60 billion in 2017 to $25 billion in 2018.
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.
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