Tax Changes for 2008

Joint filers whose taxable income doesnt exceed $65100 and single filers with income that doesnt exceed $32550 dont have to pay any tax on capital gains they realize in 2008; the rate for other taxpayers remains at 15 percent.

Taxpayers who lose a spouse now have up to two years after that death to take the maximum exclusion of $500000 in gain on the sale of a principal residence.  The other requirements for the exclusion must have been met before the death.