Home › Tax Tips & Changes

TAX YEAR 2008 - TAX TIPS & CHANGES

  • Beginning January 1, 2008, surviving spouses who sell their primary residence that had been jointly owned and occupied by the deceased spouse is entitled to the $500,000 gain exclusion provided the sale occurs no later than two years after the date of death. Previously, this was only allowed for the year in which the surviving spouse could still file a joint return, or only the tax year in which the spouse died.
  • As of January 1, 2008, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
    ... 50.5 cents per mile driven for business miles driven;
    ... 19.5 cents per mile driven for medical or moving purposes; and
    ... 14 cents per mile driven in service of charitable organizations.
  • The deduction for the Mortgage Insurance premiums have been extended for three more years through December 31, 2010.