Deduct private mortgage insurance premiums
Americans who have less than 20 percent equity in their homes are most likely paying private mortgage insurances. If that’s the case for you, too, you already know that this coverage is usually required by lenders to protect them just in case you stop making payments.
While this deduction was eliminated by the Tax Cuts and Jobs Act, it was reinstated in 2019, and now it is available for this tax year. The best part? It is retroactive! Meaning that you can easily amend your 2018 tax return in order to claim it. However, make sure it’s worth the hustle first (financially speaking).
Read also: 11 Awful Things That Could Happen If You Don’t Pay Your Taxes
