The Bipartisan Budget Act of 2018
Posted On: 2-22-2018 | Posted By: WK Staff
The Bipartisan Budget Act of 2018 was passed on February 9, 2018, in which Congress retroactively extended a number of tax provisions that previously expired at the end of 2016. Many of the provisions were extended through 2017 only, except where otherwise indicated.
Among other provisions the Bipartisan Budget Act includes the following:
- The exclusion from gross income of discharge of qualified principal residence indebtedness
- The inclusion of mortgage insurance premiums as qualified residence interest
- The deduction for qualified tuition and related expenses
- 10% credit for qualified nonbusiness energy property
- Credits for alternative fuel and fuel cell for vehicles
- The credit for residential energy property, such as small wind energy property and geothermal heat pump property is extended through 2021,
- Additional biodiesel and alternative fuel provisions have been reinstated.
Please remember to include your escrow summary and any residential energy purchases when providing information to complete your 2017 tax return.
If your return is already in process or has been filed and you believe any of these provisions apply to you, please contact your WK advisor.