Honoring Hometown Heroes Act


The Honoring Hometown Heroes Act was signed into law yesterday, February 9, 2018, and while it has a lot of interesting components there's a section specifically relevant to the current tax season. The bill actually revives a number of tax deductions that expired at the end of 2016 and up until yesterday were no longer allowable deductions for the 2017 tax season. Two of the common deductions that were revived were the mortgage insurance premium and tuition expense deductions. As of right now it is unclear how taxpayers are to claim these deductions, as there is not a line for either on the 1040 series tax form. Hopefully the IRS will release guidelines within the next week on where the deductions should be reported.