Mortgage Interest
Mortgage interest can only be deducted if it is your primary or secondary home. A third home (or more) will not be able to be deducted unless it is investment property or business property.
Stock, stock rights and bonds (other than those held by a securities broker) that became worthless during the year are treated as if they were sold on the last day of the year. CAUTION: These losses can offset capital gains, but excess losses are deductible only up to $3,000 per year.
Mortgage Insurance Premiums
This provision was extended for 2016 however it is set to expire for the 2017 tax year - unless of course
they extend it again.
Section 179 Deduction
For 2016 the maximum Section 179 deduction is $500,000. This does not include under 14,000 lbs.
They are subject to $25,000. The $500,000 limit is reduced by the amount by which the cost of Section 179 property placed in
service during the tax year exceeds $ 2,000,000.
