Expiring Tax Deductions and Credits for 2011

Expiring Tax Deductions and Credits for 2011

There are several tax deductions and credits that are set to expire at the end of 2011; based on the federal deficit problems there is a good chance they will not be extended.

• Mortgage Insurance Premium - If you itemize your deductions you have been able to deduct the premium you pay for mortgage insurance since 2007 just like you do for mortgage interest. The deduction for the mortgage premium is scheduled to expire at the end of the year.  To qualify for the full deduction you need to have gross income of $100,000 or less. The deduction is completely phased out for AGI of $109,000 or more. To take the deduction the payment needs to have been paid in 2011
• Home Energy Credit - Homeowners may qualify for an energy credit of up to 30% of what you spent or the $500 limit. To qualify you must have purchased in 2011 insulation, windows, solar panels to generate electric or for heating water. Installed wind energy equipment, geothermal heat pump or certain types of fuel cells to generate electricity.
• Education Expenses -  A deduction of up to $4,000 for qualified education available for 2011. To be deductable the payments must be made in 2011 and can be for classes beginning in 2012. This deduction is not available if your modified gross income is more than $160,000 for joint return or if any other education tax credits are claimed.
  
  

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