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publication 530 2017

publication 530

Department of the Treasury Internal Revenue Service Publication 530 Cat. No. 15058K Tax Information for Homeowners For use in preparing 2017 Returns Contents What's New .................. 1 Introduction .................. 2 What You Can and Can’t Deduct ..... 2 Mortgage Interest Credit .......... 8 Basis ...................... 9 Keeping Records .............. 11 How To Get Tax Help ........... 13 Index ..................... 15 What's New Expired tax benefits. Certain tax benefits, including the following, expired on December 31, 2016. The itemized deduction for mortgage insurance premiums; The credit for nonbusiness energy property. Mortgage debt forgiveness. The income exclusion for discharges of indebtedness income on a principal residence made in 2017 expired on January 1, 2017. However, you can exclude from gross income any discharges of qualified principal residence indebtedness made after 2006 and before 2017, or subject to an arrangement that was entered into and evidenced in writing before 2017. At the time this publication went to ! print, the itemized deduction for mortgage insurance premiums and the CAUTION credit for nonbusiness energy property had expired. You can’t claim a deduction for these expenses paid or incurred after 2016. To find out if legislation extended these deductions so you can claim them on your 2017 return, go to IRS.gov/Extenders. Get forms and other information faster and easier at: • IRS.gov (English) • IRS.gov/Korean (한국어) • IRS.gov/Spanish (Español) • IRS.gov/Russian (Pусский) • IRS.gov/Chinese ( 中 文 ) • IRS.gov/Vietnamese (TiếngViệt) Reminders Future developments. For the latest information about developments related to Pub. 530, such as legislation enacted after it was published, go to IRS.gov/Pub530. Home Affordable Modification Program (HAMP). If you benefit from Pay-for-Performance Success Payments, the payments aren’t taxable under HAMP. Hardest Hit Fund and Emergency Homeowners' Loan Programs. If you are a homeowner who received assistance under a State Housing Finance Agency Hardest Hit Fund program or an Emergency Homeowners' Loan Program, you may be able to deduct all of the payments you made on your mortgage during the year. For details, see Hardest Hit Fund and Emergency Homeowners' Loan Programs under What You Can and Can't Deduct, later. Repayment of first-time homebuyer credit. Generally, you must repay any credit you Jan 12, 2018

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