Expiring Tax Breaks

A report by the Congressional Research Service released on June 27th lists a number of individual tax deductions that are set to expire after the 2013 tax year.

Most of these have been extended at least once before, but given the recent trouble getting tax bills through Congress and signed by the President by the end of the year, it’s hard to tell when, or if, all of these items will be extended.

  • Above-the-line deduction for teacher’s out of pocket expenses
  • Deduction for state and local sales taxes
  • Above-the-line deduction for qualified tuition and fees
  • Deduction for Private Mortgage Insurance (PMI)
  • Exclusion from income for debt cancellation related to a principle residence.

We’ll keep up to date as these issues come up in Congress, likely later this fall, and will bring you the details as they become available.