When you sell a house, you pay capital gains tax on your profits. There's no
exemption for senior citizens -- they pay tax on the sale just like everyone else.
Aug 15, 2010 ... The Federal government provides a measure or capital gains tax relief ... local
governments also offer capital gains tax relief for senior citizens.
The AMT exemption amount has increased to $53,600 ($83,400 if married filing
... up to $500,000 of any gain from the sale or exchange of your main home.
Top Seven Tax Deductions for Seniors and Retirees .... (For more on this, see
Avoiding Capital Gains Tax When Selling Your Home: Read the Fine Print.) ... of
your adjusted gross income are deductible each year as an itemized deduction.
The over-55 home sale exemption is an obsolete tax law that provided
homeowners over the age of 55 with a one-time capital gains exclusion.
Individuals who ...
The age limit for very senior citizens is 80 years or more for A.Y. 2016-17 &
2015.16. ... Additional deduction of Rs. 50,000 (maximum) for contribution to
notified .... The short term capital gains will be tax free if the basic threshold limit
of 15% is ...
Are there any Capital Gains reductions for a senior citizen (widowed) ? ... on
another profitable sale for the lifetime exemption of the $250K.
A: Any gain (profit) on the sale of your home may be subject to the capital gains
tax. ... the house is sold, does my spouse lose the $250,000 exemption for me?
Learn more about the IRS rules for capital gains taxes on real estate. ... Even
better, there's no limit on the number of times you can use the home-sale
exemption. .... Why could our government not put forth a tax break for seniors &
have a once ...
Some taxpayers won't pay any capital gains tax. ... Bob D. Scharin, senior tax
analyst from the tax and accounting business of Thomson ... "The zero percent
rate does not phase out in the same way deduction phaseouts work," says