NEW HOME TAX TIPS

Normally, if you purchase a piece of real estate to fix up and sell it at later date, the profit is taxed under the capital gains rules. There are even more favorable rules if the property qualifies as your principal residence. If you live in it more than two years during the five-year period preceding the sale, you can often exclude the gain from taxation altogether under special rules for homeowners.

TAX BENEFITS FOR EDUCATION

Whether you are paying for a college education or a teacher buying items for your classroom, education credits and deductions can help lower your tax bill.

The American Opportunity Credit, Lifetime Learning Credit or the Tuition and Fees Deduction may help offset the cost of higher education for you, your spouse and your dependents.

2018 tax plan, in 2 charts

Tax reform is making progress, but there’s still a long way to go. AP/Alex Brandon

Income-tax brackets could change in 2018 if tax legislation is enacted under President Donald Trump.
The Senate’s bill proposes keeping seven tax brackets but changing the income ranges, while the House’s version of the bill would reduce the number of tax brackets to four.