Tax deductions extended into 2014

Here’s a quick list of the tax deductions Congress just extended to the end of the year.

1. Mortgage debt forgiveness. If you did a short sale in 2014, you will not have to pay taxes on the debt the lender writes off in the deal.

2. Deduction for private mortgage insurance. You can continue to deduct your private mortgage insurance (PMI) premiums on your taxes.

3. Health insurance tax credits. Low- to middle-income individuals may qualify for tax credits when purchasing health care.

4. Tax credits for energy efficient improvements. From new appliances and windows to wind turbines and HVAC systems, pre-existing tax credits were extended.

5. Tax-free fringe benefits. Certain employer-provided benefits, such as commuter transit and parking benefits, are tax-free.

6. Tuition tax breaks. Deductions for college and university tuition and fees were extended.

7. Educator expenses. If you’re a teacher, you can deduct up to $250 for classroom-related expenses, such as books, supplies and computer equipment.

For the full list of “Tax Extenders,” click here.


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About Ilyce Glink

Author of 13 books, including the bestselling 100 Questions Every First-Time Home Buyer Should Ask. Writer of the nationally syndicated column, “Real Estate Matters.” Top-rated radio host in Atlanta. Writer for CBS MoneyWatch.com. Managing editor of the Equifax Personal Finance Blog.
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