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Was the exclusion for 2017 canceled debt renewed on 2/9/18? Accountant friend posted info from the IRS this morning and confirmed it, but TurboTax hasn't made an update.

 
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SamiaI
Employee Tax Expert

Was the exclusion for 2017 canceled debt renewed on 2/9/18? Accountant friend posted info from the IRS this morning and confirmed it, but TurboTax hasn't made an update.

The mortgage debt exclusion has been extended. It will take some time since the spending bill has just been passed and signed into law. The IRS and tax preparation software companies have to change various forms, schedules, worksheets and calculations to apply the changes. It may take a few weeks before anything is finalized at the IRS and with the TurboTax software which must also be approved by the IRS after they have completed their own changes.

You can visit IRS website to get more information:

https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions

See the TurboTax support FAQ below for information:

https://ttlc.intuit.com/questions/4241639-tax-relief-the-bipartisan-budget-act-of-2018

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2 Replies
SamiaI
Employee Tax Expert

Was the exclusion for 2017 canceled debt renewed on 2/9/18? Accountant friend posted info from the IRS this morning and confirmed it, but TurboTax hasn't made an update.

The mortgage debt exclusion has been extended. It will take some time since the spending bill has just been passed and signed into law. The IRS and tax preparation software companies have to change various forms, schedules, worksheets and calculations to apply the changes. It may take a few weeks before anything is finalized at the IRS and with the TurboTax software which must also be approved by the IRS after they have completed their own changes.

You can visit IRS website to get more information:

https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions

See the TurboTax support FAQ below for information:

https://ttlc.intuit.com/questions/4241639-tax-relief-the-bipartisan-budget-act-of-2018

Was the exclusion for 2017 canceled debt renewed on 2/9/18? Accountant friend posted info from the IRS this morning and confirmed it, but TurboTax hasn't made an update.

Thank you for the update!
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