The Internal Revenue Service announced on June 9, 2022 an increase to mileage rates for 2022 taxes. The changes are just for the final six months of 2022 only. Individuals taking advantage of this deduction will need to break out their mileage into the proper time category. 

A recent TIAA Institute survey reported that 50% of Americans were unable to answer financial literacy questions properly.  While I presume you are not in that group if you are reading this article, here are some highlights to share with your friends.

You may qualify to exclude from capital gains from the sale of your primary residence if you meet these criteria:

1. Ownership test. The homeowner must have owned the home for at least two years of the five-year period ending on the date of the sale.
2. Use test. The homeowner must have used the home as their main residence for at least two years of the five-year period ending on the date of the sale.