Whether you paid college tuition in 2018 or you coughed up money for mortgage insurance, you should keep an eye on this package of tax breaks that are up for renewal.
Lawmakers are making a bipartisan push to grant filers some certainty on a package of tax breaks for the 2018 tax year.
Sens. Chuck Grassley and Ron Wyden introduced a bill on Feb. 28, extending these tax breaks for 2018 and 2019. If Congress were to pass a measure allowing the breaks for 2018, the IRS would have to revise the 1040 and tax prep software providers will have to update their programs to reflect it, said Nicole Kaeding, director of federal projects at the Tax Foundation."You could either do nothing and, if the law changes, file an amended return," said Tim Steffen, CPA and director of advanced planning at Robert W. Baird & Co."Or you can wait and see if something changes.
The debt must go toward buying, building or substantially improving your dwelling in order to qualify for the interest deduction. If your lender canceled or forgave the loan on your principal residence as a result, there's a tax extender that allows you to exclude up to $2 million from your gross income for the discharge of the debt.
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