--- title: Will Congress Revive Expired Tax Breaks? - Brown Edwards description: Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep […] image: https://blog.becpas.com/hubfs/Imported_Blog_Media/08_08_17_183177585_ITB_560x292.jpg --- [Twitter ** ](https://www.facebook.com/BrownEdwardsCPAs?utm_source=BE+Website&utm_medium=Website+Icon&utm_campaign=BE+Website+Social+Icon&utm_content=Facebook) [Facebook-f ** ](https://www.linkedin.com/company/brown-edwards/?utm_source=BE+Website&utm_medium=Website+Icon&utm_campaign=BE+Website+Social+Icon&utm_content=LinkedIn) [Linkedin ** ](https://www.youtube.com/channel/UC3ReCSn6AFfdQiCUsH4oopA?utm_source=BE+Website&utm_medium=Website+Icon&utm_campaign=BE+Website+Social+Icon&utm_content=YouTube) [Youtube ** ](https://www.youtube.com/channel/UC3ReCSn6AFfdQiCUsH4oopA?utm_source=BE+Website&utm_medium=Website+Icon&utm_campaign=BE+Website+Social+Icon&utm_content=YouTube) [ Client Portal ](https://becpas.sharefile.com/Authentication/Login) [ Make A Payment ](https://becpas.com/payments/) [ Request Proposal ](https://becpas.com/request-for-proposal/) ![](https://blog.becpas.com/hubfs/Imported_Blog_Media/08_08_17_183177585_ITB_560x292.jpg) # Will Congress Revive Expired Tax Breaks? Published by [ Laura Sprouse ](https://blog.becpas.com/author/laura-sprouse) on Aug 8, 2017 10:39:26 AM Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back in December of 2015, Congress passed the PATH Act, which made a multitude of tax breaks permanent. However, there were a few valuable breaks for individuals that it extended only through 2016. The question now is whether Congress will extend them for 2017. **An education break** One break the PATH Act extended through 2016 was the above-the-line deduction for qualified tuition and related expenses for higher education. The deduction was capped at $4,000 for taxpayers whose adjusted gross income (AGI) didn’t exceed $65,000 ($130,000 for joint filers) or, for those beyond those amounts, $2,000 for taxpayers whose AGI didn’t exceed $80,000 ($160,000 for joint filers). You couldn’t take the American Opportunity credit, its cousin the Lifetime Learning credit and the tuition deduction in the same year for the same student. If you were eligible for all three breaks, the American Opportunity credit would typically be the most valuable in terms of tax savings. But in some situations, the AGI reduction from the tuition deduction might prove more beneficial than taking the Lifetime Learning credit. For example, a lower AGI might help avoid having other tax breaks reduced or eliminated due to AGI-based phaseouts. **Mortgage-related tax breaks** Under the PATH Act, through 2016 you could treat qualified mortgage insurance premiums as interest for purposes of the mortgage interest deduction. The deduction phased out for taxpayers with AGI of $100,000 to $110,000. The PATH Act likewise extended through 2016 the exclusion from gross income for mortgage loan forgiveness. It also modified the exclusion to apply to mortgage forgiveness that occurs in 2017 as long as it’s granted pursuant to a written agreement entered into in 2016. So even if this break isn’t extended, you might still be able to benefit from it on your 2017 income tax return. **Act now** Please check back with us for the latest information. In the meantime, keep in mind that, if you qualify and you haven’t filed your *2016* income tax return yet, you *can* take advantage of these breaks on *that* tax return. The deadline for individual extended returns is October 16, 2017. *© 2017* [Back to Blog](https://blog.becpas.com) ## Related Articles ## [2 benefits-related tax credits just for small businesses](https://blog.becpas.com/2-benefits-related-tax-credits-just-small-businesses) Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable... [Read More ](https://blog.becpas.com/2-benefits-related-tax-credits-just-small-businesses) ## [2 extended credits can save businesses taxes on their 2015 returns](https://blog.becpas.com/2-extended-credits-can-save-businesses-taxes-on-their-2015-returns) The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended a wide variety of tax... [Read More ](https://blog.becpas.com/2-extended-credits-can-save-businesses-taxes-on-their-2015-returns) ## [Congress passes “extenders” legislation reviving expired tax breaks for 2015](https://blog.becpas.com/congress-passes-extenders-legislation-reviving-expired-tax-breaks-for-2015) Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had... [Read More ](https://blog.becpas.com/congress-passes-extenders-legislation-reviving-expired-tax-breaks-for-2015) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Laura Sprouse", "url" : "https://blog.becpas.com/author/laura-sprouse" }, "dateModified" : "2021-06-01T21:25:37.726Z", "datePublished" : "2017-08-08T14:39:26.000Z", "headline" : "Will Congress Revive Expired Tax Breaks? - Brown Edwards", "image" : [ "https://blog.becpas.com/hubfs/Imported_Blog_Media/08_08_17_183177585_ITB_560x292.jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.becpas.com/will-congress-revive-expired-tax-breaks", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.becpas.com/hubfs/2021%20BE-Logo-4color-oldgold-3.png" }, "name" : "Brown Edwards & Company, LLP" } } ```