There are a host of income tax deductions that are disappearing in 2014. Here are three common ones you will recognize. 1) The $250 deduction for K-12 teachers for out of pocket expense, 2) the Cancellation of Debt Exclusion for qualified principle residences mortgage cancellation, and 3) the Mortgage Insurance Premium for taxpayers with AGI (adjusted gross income) no greater than $109K. Can you name a few of the others?
Larry Baker, Enrolled Agent