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The Bipartisan Budget Act of 2018 - what's in it for you

In early February of 2018, Congress passed the Bipartisan Budget Act of 2018 which has several implications for tax year 2017 returns, including tax relief for certain disaster victims and the extension of expired tax extenders and energy-efficient tax credits. Here's a quick rundown:

  • Mortgage debt exclusion extended
  • Mortgage insurance premium deduction extended
  • Tuition and fees deduction extended
  • Credit for Nonbusiness Energy Property extended
  • Extension and modification of credit for residential energy property
  • Credit for New Qualified Fuel Cell Motor Vehicles extended
  • Tax benefits for California wildfire victims
  • Tax benefits for hurricane Harvey, Irma, and Maria victims
  • Click here for more info

If you filed your 2017 tax return early, before the Act was signed into law, and you want to claim one of the renewed tax benefits, file an amended return. You have up until 3 years after the date you filed your original 2017 return or 2 years after you paid the tax due on the return (whichever is later) to file your 2017 amendment.

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