Last-minute tax relief for millions of homeowners

Source: Kenneth Harney, Washington Post (Paid Registration)

Call it buried tax treasure for homeowners: Deep inside the behemoth 654-page bipartisan budget bill recently signed into law by President Trump are little-noticed extensions of key tax-code benefits that expired in 2016 but now can be used for upcoming 2017 tax filings.

Potentially the most popular one is aimed at millions of people who pay mortgage-insurance premiums on conventional, FHA and VA loans.

Another popular tax-code provision brought back to life retroactively for 2017 filings: Elimination of tax liability on mortgage debt forgiven by lenders in connection with short sales, foreclosures and loan modifications.

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