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Focus on Taxation: Bipartisan Budget Act of 2018 - Tax Extenders

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On February 9, President Trump signed the Bipartisan Budget Act of 2018 into law. The Act contains an extension of over 30 otherwise expired tax breaks. The following is a listing to the tax provisions extended by the Act through 2017 (unless otherwise noted).
February 13, 2018

On February 9, President Trump signed the Bipartisan Budget Act of 2018 into law. The Act contains an extension of over 30 otherwise expired tax breaks. The following is a listing of the more common tax provisions extended by the Act through 2017 (unless otherwise noted):

  • Exclusion from gross income of discharge of qualified principal residence indebtedness
  • Mortgage insurance premiums treated as qualified residence interest (phases out ratably for AGI from $100,000 to $110,000)
  • Above the line deduction for qualified tuition and related expenses for higher education (capped at $2,000 or $4,000 depending on AGI limitations)
  • Empowerment zone tax incentives
  • Credit for nonbusiness energy property (10% of the amount paid, up to $500.00)

 

If you have any questions regarding these extended tax provisions, please contact one of RubinBrown’s Tax Services Group professionals for more information.

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Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.

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