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Be on the Lookout:
Tuesday, December 08, 2015
As of mid-November, there are a number of legislative bills in Congress. Many of these bills have tax provisions included in them. The AICPA expects the following items to be addressed:
- Revisions to the Affordable Care Act.
- Not renewing the ability of taxpayers to exclude cancellation of debt on their personal residence from ordinary income. Currently, the maximum amount of debt cancellation (on a personal residence) exclusion is $2 million on a qualified principal residence.
- Hope and Lifetime Learning Credits are set to expire.
- Teachers (primary and secondary levels) will no longer be able to deduct $250 for classroom expenses.