Both private mortgage insurance (PMI) and mortgage insurance premiums (MIP) are included in this deduction (but not homeowners or hazard insurance), which was recently added to the tax code by state governments.
A tuition & fees deduction, home energy credit, energy-efficient vehicle credit, and energy-efficient vehicle charging station credit were also recently added to the tax code because of the Bipartisan act.
Tax experts say those who filed taxes on their own may be unaware of these breaks, but can file an amended return within a three year time frame.
Amended returns can only be filed by mail, and may take up to 16 weeks for processing.
For more information on the BiPartisan Act, please visit: https://www.irs.gov/forms-pubs/2017-tax-benefits-provided-by-the-bipartisan-budget-act-of-2018.
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