Last month Congress passed some additional tax changes, the more important of which are included below:
1. The credit for nonbusiness energy property additions such as qualified windows, doors, skylights, roofs, furnaces, heat pumps, and water heaters to your home has been extended through 2019. It is subject to a lifetime cap of $500. Many taxpayers have already received the maximum credit in past years when it was available.
2. Property that dispenses alternative fuels including natural gas, hydrogen, and electricity can qualify for a $1,000 credit if installed at your home. This provision has been extended through 2019.
3. The exclusion of $2,000,000 of qualified principal residence indebtedness forgiveness from taxable income has been extended through 2019.
4. Mortgage insurance premiums on your home will still be deductible in 2019 if your adjusted gross income is under $100,000.
5. The qualified tuition and related expense deduction of $4,000(adjusted gross income AGI under $130,000 for joint returns) and $2,000(AGI under $160,000 for joint returns) has come back for 2019.
6. The medical expense deduction floor of 10 percent of AGI has been dropped to 7.5 percent for 2019.
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