Budget Bill passed today affects 2017 returns

[MikeH]

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.

[Alan Gales]

Thanks for the advice, Mike!

[BrianShaw]

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

[MikeH]

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... :-)

[BrianShaw]

Thanks!

[Drew Bedo]

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.