Already filed your 2017 taxes or getting ready to do so? Recent federal budget legislation retroactively extended a number of business and individual tax provisions that had previously expired. Most notably, the Bipartisan Budget Act of 2018 (the Act) revives these significant provisions for the 2017 tax year:
- Tuition and fees deduction
- Extended the exclusion from income of the discharge of indebtedness on principal residence
- Mortgage insurance premium deduction
- Tax credit for personal (nonbusiness) and residential energy property
Click here to read a full recap of the Act’s tax provisions.
Impact on 2017 Tax Returns
After the February 9 enactment, the IRS announced it will begin adapting its forms to accommodate all of the renewed provisions. To that end, there may be a brief delay in the availability of updated tax forms and software.
If you already filed your 2017 tax return but would like to take advantage of any of these provisions, contact your RKL advisor for assistance amending your return.
Taxpayers who have not yet filed for 2017 should remain vigilant for future guidance from the IRS. Your RKL advisor can advise as to a favorable time to procced with filing using updated forms and software that reflect these extenders.
For more information on these extenders or any other tax-related inquiries, contact
your RKL advisor or one of our local offices listed below. Visit
rklcpa.com/taxreform for more insights and information on federal tax reform.
