There is potential legislation as pending in Congress that includes a package of tax extenders, possible revisions to the Affordable Care Act and more. Lawmakers might renew them either before year-end or early in 2016.
Some of the extenders include:
- Exclusion of cancellation of indebtedness on principal residence: Allows you to exclude from income the cancellation of mortgage debt of up $2 million on a qualified principal residence.
- Higher education tuition and fees deduction: Provides a maximum $4,000 deduction for qualified tuition and fees at post-secondary institutions of learning, subject to income phase-outs.
- Classroom expense deduction. Primary and secondary education professionals may take an above-the-line deduction for qualified unreimbursed expenses up to $250 paid during the year.
How Can I Stay On Top of Tax Extenders?
Stay tuned to see which of these and other extenders continue or end. In the meanwhile, planning for their potential renewal is key. It seems that every year there are tax laws that are set to expire, and then they are extended.
We will post any changes as they occur, but you can contact us directly if you have any questions.