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Thread: Budget Bill passed today affects 2017 returns

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  1. #1

    Join Date
    Feb 2007
    Location
    Canyon Country, California
    Posts
    77

    Budget Bill passed today affects 2017 returns

    FYI, the Budget bill passed today retroactively extends a number of provisions back into 2017. There appear to be 30+ changes. The big ones are:
    ● Cancellation of debt on your home won't be taxed;
    ● PMI (Mortgage Insurance) can be deducted; and
    ● The tuition deduction has been set back to how it was.

    If any of this affects you, and you are self-preparing your return, I would wait several weeks to give the software companies time to re-program their software.

  2. #2

    Join Date
    May 2010
    Location
    St. Louis, Mo.
    Posts
    2,755

    Re: Budget Bill passed today affects 2017 returns

    Thanks for the advice, Mike!

  3. #3

    Join Date
    Dec 2005
    Location
    Los Angeles, CA
    Posts
    4,497

    Re: Budget Bill passed today affects 2017 returns

    Dang. I filed already. Might have to do a 1040x.

  4. #4

    Join Date
    Feb 2007
    Location
    Canyon Country, California
    Posts
    77

    Re: Budget Bill passed today affects 2017 returns

    Brian:

    If you "self-prepared," wait a month or 2, process any "updates" to the software, then see how much the answer changes. I wouldn't do anything right now... I'm not so much a "tax guy" as I am a "small business" consultant, but, the tax people that I listen too right now haven't fully digested this "Thing" :-) , so the software companies (mine included) will be a week or so, maybe more, before they have their software up-to-date. Go take pix for a while... :-)

  5. #5

    Join Date
    Dec 2005
    Location
    Los Angeles, CA
    Posts
    4,497

    Re: Budget Bill passed today affects 2017 returns

    Thanks!

  6. #6
    Drew Bedo's Avatar
    Join Date
    Oct 2006
    Location
    Houston Texas
    Posts
    2,162

    Re: Budget Bill passed today affects 2017 returns

    Umm . . .House paid off 25 years ago.

    Offspring out of college for two decades and self-supporting.

    So nothong for us in all that I guess.
    Drew Bedo
    http://www.artsyhome.com/author/drew-bedo




    There are only three types of mounting flanges; too big, too small and wrong thread!

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