Congress has been busy.
They’re home for the holidays, but before they left, they passed a flurry of bills that you might be interested in.
Oh, and yes … the House impeached the President. There is also that. I make no comment about that, but I DID want you to see these provisions that had been set to expire (but which are now extended into the 2019 tax year — and in some cases retroactively “extended” so that they would apply to 2018).
Specifically, they extended…
- The ability to exclude from gross income the amount of discharged debt in connection with the reworking of a mortgage on your principal residence.
- The option to count private mortgage insurance (PMI) premiums as qualified residence interest and deduct it as an itemized expense.
- The continuation of the 7.5 percent deduction floor for itemized medical expenses.
- The renewal of the educational above-the-line deduction for tuition and qualified fees.
They also passed the SECURE Act, which is worthy of its own note in the future.
At least we have the holidays.