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Home Sales

If you sold your main home in 1998 and all four of the following apply, you do not have to report the sale on your tax return.

  • No part of the home was used for business or rental purposes. You (or your spouse if filing a joint return) owned and lived in the home as your main home for at least 2 years within the 5-year period ending on the date of sale. You (and your spouse if filing a joint return) have not sold or exchanged another main home after May 6, 1997. The selling price of the home is not over $250,000 ($500,000 if married and filing a joint return).

If all four of the conditions do not apply, or for further details, see Publication 523 on the IRS homepage.

Self-Employed Health Insurance Deduction

If you are self-employed, you may be able to deduct up to 45% of your health insurance.

Standard Mileage Rates

The rate for business use of a vehicle has increased to 32.5 cents a mile. Starting this year, you can use the business mileage rate even if you lease your vehicle. For charitable contributions, the rate has increased to 14 cents a mile.

Earned Income Credit (EIC)

You may be able to take this credit if you earned less than $30,095 (less than $10,030 if you do not have any qualifying children).

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What’s New in Taxes This Year? Part 1

  • What’s New in Taxes This Year? Part 1

TrendingHere are the facts and trivia that people are buzzing about.

Did Birds Evolve from Dinosaurs?

The Twelve Dancing Princesses

Current Events This Week: January 2023

African Americans by the Numbers

Andersen’s Fairy Tales: Contents

The Celtic Twilight: A Teller of Tales

TrendingHere are the facts and trivia that people are buzzing about.

Did Birds Evolve from Dinosaurs?

The Twelve Dancing Princesses

Current Events This Week: January 2023

African Americans by the Numbers

Andersen’s Fairy Tales: Contents

The Celtic Twilight: A Teller of Tales

  • Did Birds Evolve from Dinosaurs?
  • The Twelve Dancing Princesses
  • Current Events This Week: January 2023
  • African Americans by the Numbers
  • Andersen’s Fairy Tales: Contents
  • The Celtic Twilight: A Teller of Tales