Helpful Real Estate Related Tips For Tax Season 2022
January 18, 2023 | amandasearlerealtor
Tax season is upon us and there are some real estate related updates that you don’t want to forget.
Mortgage Insurance:
As of today, for the 2022 tax year, private mortgage insurance (PMI) and mortgage insurance permiums (MIP) are no longer deductible. Previously, with the passage of the Further Consolidated Appropriations Act of 2020, you were able to deduct any mortgage insurance premiums such as PMI and MIP only for tax years 2018 through 2021.
Forgiven Mortgage Debt:
The Consolidated Appropriations Act of 2021 expanded through tax year 2025 the exclusion of forgiven debt by a lender from a tax payer’s income. Any debt that is forgiven by a lender before Jan. 1, 2026 through a short sale, forclosure, or deed in lieu of foreclosure or debt restructuring is not taxable for most tax payers.
You’ll find much more useful information in the downloadable Home Tax Report below…
