Question: I am self-employed. Will I be able to deduct my medical insurance payments in 2018?

Answer: Yes, 100%, says Dave Cherill, CPA, member of the American Institute of CPAs Personal Financial Planning Executive Committee. "This deduction is taken 'above-the-line' on Page 1 of the taxpayers Form 1040," he says.

Question: During the many versions of the proposed tax changes, there were many updates to the exclusion of gain on the sale of a principal residence.

The law in 2017 was that I could exclude up to $250,000 of the gain from my income ($500,000 on a joint return) after a time test of two years of the past five years. I heard the new law has the same exclusions but proposed increasing the time test to five of the past eight years. What was the final outcome? Baby boomers like myself would like to downsize but don't want to trigger unnecessary capital gains.

Answer: According to Cherill, the House GOP proposed making certain, limiting changes with the release of their tax bill in November 2017, but the Senate and Conference Committee ultimately ignored those proposed changes in the final bill, and the current law reflects the old law.

Read more from the IRS: Sale of Residence - Real Estate Tax Tips

Got questions about the new tax law, Social Security, Medicare, retirement, investments, or money in general? Want to be considered for a Money Makeover? Email Robert.Powell@TheStreet.com.

Question: I am self-employed. Will I be able to deduct my medical insurance payments in 2018?

Answer: Yes, 100%, says Dave Cherill, CPA, member of the American Institute of CPAs Personal Financial Planning Executive Committee. "This deduction is taken 'above-the-line' on Page 1 of the taxpayers Form 1040," he says.

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