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.

 

 

Warmly,

Michael Arons

(203) 446-3050