Filing 2012 income taxes? Five changes to watch for.
Here are new income tax provisions to watch for as you work through your 1040 form:
2. Mortgage relief
Homeowners who had some of their mortgage debt forgiven in 2012 won't have to pay income tax on the debt forgiveness. That's a special tax break only available for 2012, says Rick Rodgers, a certified financial planner in Lancaster, Pa., and author of "The New Three-Legged Stool: A Tax Efficient Approach to Retirement Planning." "It will be taxable for 2013."