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4 Reinstated Tax Provisions


Congress extended these four tax breaks retroactively to January 1, 2018. They now expire on December 31, 2020, so you’re good for both 2019 and 2020.


1. Deduction for mortgage insurance premiums (MIP) as residence interest


2. 7.5 percent floor to deduct medical expenses (instead of 10 percent)


3. Above-the-line tuition and fees deduction


4. Non-business energy property credit for energy-efficient improvements to your residence [Examples = Home insulation, exterior doors, windows, skylights, solar panels and certain roofing materials.]


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Thanks,

Stephanie

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