Re-enacted tax benefits for 2017 tax year
Three popular tax benefits that expired in 2016 have now been re-enacted for tax year 2017. These are:
1) Exclusion from gross income for discharge of qualified principal residence indebtedness (often, foreclosure-related debt forgiveness), claimed on Form 982
2) Mortgage insurance premiums treated as qualified residence interest, generally claimed on Schedule A.
3) Deduction for qualified tuition and related expenses, claimed on Form 8917.
Taxpayers who have already filed their 2017 federal tax return and now wish to claim one of these renewed tax benefits can do so by filing an amended return on Form 1040X. Amended returns cannot be filed electronically and would need to be mailed in.