Congress has given us back some tax breaks that had expired. They include the following:
1. Tuition and fees deduction
2. Medical expenses threshold at 7.5% instead of 10%
3. $2 million exclusion for the cancellation of residence mortgage debt
4. Mortgage insurance premium deduction
If any of these apply to you for 2018 and 2019, you would have to file an amended return to take advantage of them if you have already filed.
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ReplyDeleteThe inclusion of these extenders in the year-end spending bill once again emphasizes how challenging it is to negotiate temporary tax policy. These clauses were not addressed by the Tax Cuts and Jobs Act. Several of these clauses were no longer in effect as of the filing of 2018 taxes, which was two full years ago. Many people are relieved by the rebirth, but it also requires a lot of administrative work. Taxpayers must file revised returns in order to benefit from the changes since the IRS has to reprogramme its software (we'll keep an eye out for developments). Most importantly, restoring tax advantages retrospectively undermines the motivation they are intended to offer. The cycle goes on since most are only resurrected for another year.
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