Taxpayers who sell a home may qualify to exclude from their income all or part of any gain from the sale. Below are some things taxpayers should keep in mind when selling a home: Ownership and use. To claim the exclusion, the homeowner must meet the ownership and use tests. During a five-year period ending on the date of the sale, the homeowner must have: Owned the home for at least two years. Lived in the home as their main home for at least two years. Gain. Taxpayers who se
Small business owners, DO NOT FORGET to send your subcontracts 1099 before February 1,2016 . If you fail to file a correct 1099 information return by the due date and you cannot show reasonable cause, you may be subject to a penalty.