New budget bill contains retroactive tax provisions.February 24, 2018
The Bipartisan Budget act of 2018 was recently signed in to law by President Trump on February 9, 2018. The bill is the third in a group that increased spending caps previously imposed by prior budget acts. The bill contains several provisions including several provisions that impact taxpayers for the 2017 filing season.
for example, the bill restores above the line deductions for certain post secondary tuition costs, the exclusion from gross income for discharged mortgage debt for a principal residence and the deduction for mortgage insurance premiums (PMI). Those persons affected by these changes should determine whether or not it makes sense to file an amended return to recoup those previously lost deductions. Feel free to contact the office if we can be of any help.
Tags: retroactive law change for 2018
Written by: Doug Rodrigues