Expired Tax Breaks That Will Not Apply in 2015
A number of tax breaks that expired at the end of 2014 will not apply in 2015, unless Congress passes legislation authorizing an extension.
Here's what's affected:
- The option to deduct state and local sales taxes in lieu state income taxes on Schedule A.
- The deduction for tuition and fees. These were above-the-line deductions, which means, you did not have to itemize your deductions to claim these.
- Educator expenses deduction (an above-the-line deduction).
- The exclusion for qualified charitable distributions (QCDs) from a traditional IRA to a charity by those age 70 1/2 or older.
- The deduction for mortgage insurance premium.
- Parity for transit passes and van pools with parking ends for 2015.
- For 2015, the monthly exculsion limit for parking is $250 per month.
- For 2015,, the monthly exclusion for transit passes and van pool benefits is only $130
- The exclusion for cancelled principal residence indebtedness
- The tax credit for home insulation, storm windows, and other energy improvements.
- Higher expensing limits at the favorable 2014 dollar amounts.
- Bonus depreciation for most assets
- The 15-year recovery for leasehold, restaurant, and retail improvements.