As a general rule individuals cannot take a deduction for personal interest payments. There are six exceptions to this general rule and the one homeowners are probably most familiar with is the deduction for home mortgage interest payments. Although the law does provide for the deduction of home mor...

The Joint Committee of Taxation’s report issued on January 8, 2016, listed 37 tax provisions expiring in 2016; one on March 31 and all the others on December 31. However, one of these (number 19) may have a great impact on individuals. It is a general rule of taxation that forgiveness of debt is t...