On February 9th, 2018 the 2017 Tax Extender Bill was passed. Congress passed, and the President signed into law, the Bipartisan Budget Act of 2018. The law averted a government shutdown, retroactively extended the expired tax extenders and energy efficient credits through Dec. 31, 2017, and includes special tax relief for disaster victims.
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While these few items are only available for the 2017 tax year, they are worth noting in case you have yet to file your taxes and would like to take advantage of any of these tax credits & write offs. The following are the 5 most notable items that can affect:
- Residential energy credit
- Exclusion of COD income on qualified home residence debt
- Deduction of mortgage insurance premiums as mortgage interest
- Above the line tuition and fees deduction
- Extension of 3 year depreciation life for certain race horses
Check here for updates from IRS: https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions
For a list of tax extender deductions and credits that will be allowed for 2017, click here: Summary of Tax Provisions in Bipartisan Budget Act of 2018