Our U.S. Congress, in its infinite superior legislative style, passed over 60 2017/2018 tax law changes on February 09, 2018. These include:
1.Making PMI deductible again if AGI is below $100,000 for a couple, $50,000 if MFS,
2. allowing HELOCs to be deductible again (only if used to build, maintain, improve your main home),
3. Discharge on Qualified principal residence debt not taxable (Fed, but taxable in MA),
4. Bring back for 2017 the education deduction above the line if AGI below $160,000 MFJ
5. Business Indian Credits returned through 2017
6. Credit for certain fuel cell vehicles
7. Restore residential energy credit through 2021
8. Renewable energy production credit
9. New energy efficient home credit through 2017
..and many other parts that are too deep to get into here. (See Bipartisan Budget Act of 2018″ HR 1892, P.L. 115-123)
All others remain as stated in the new 2018 tax law changes. Rumors of everything being grandfathered in are likely false, except the $1M debt limit if loan was taken out prior to 11/17/17)
We are still waiting for regulations and guidance from the IRS.
NOTE: My appointment calendar is already booked solid through February, 2019. Please do not wait until later if you expect to have an appointment with me. There are still some January spots available and March 01 and forward. Calls have been coming in since October of 2017 for 2019 appointments. Although I would love to se everyone, the President has ignored my pleas for a 9 day workweek!
Thank you for your business!