The Bipartisan Budget Act of 2018 was signed into law on February 9, 2018. This bill retroactively extended 30 tax provisions that expired December 31, 2016. The new expiration date for these provisions is December 31, 2017.
The provisions most likely to impact individual taxpayers
include extensions for:
- Exclusion from gross income of discharge of qualified residence
- Above-the-line deduction for qualified tuition and related expenses
- Mortgage insurance premiums treated as qualified residence interest (most banks have not included the mortgage insurance premiums on Form 1098).
- Credit for nonbusiness energy property
- Credit for residential energy property
- Credit for new qualified fuel cell motor vehicles
- Credit for alternative fuel vehicle refueling property
- Credit for 2-plug-electric vehicles
If you have already filed your tax return for 2017, you will need to file an amended tax return Federal Form 1040X.
If you have any questions related to the extenders or filing your amended tax return, please feel free to contact our office.
Very truly yours,
Buckno Lisicky & Company