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Do Senior Citizens Have to File a Return on the Sale of a House ...


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.

Limit Taxes on Capital Gains in Retirement-Kiplinger


Check to see if you qualify for the 0% capital-gains tax rate. ... Taxable income is what's left after you subtract personal exemptions (worth $3,900 each in ... If you don't itemize, note that seniors 65 or older qualify for a larger standard deduction  ...

Top Seven Tax Deductions for Seniors and Retirees | Nolo.com


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.) 3. ... of your adjusted gross income are deductible each year as an itemized deduction .

Capital Gains Tax Relief | US Tax Center - IRS.com


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.

Capital Gains Tax.....reducing (2013, sale, attorney, value ...


Are there any Capital Gains reductions for a senior citizen (widowed) ? I know that there is 250000 tax exclusion for single person. I know that ...

Publication 554 (2015), Tax Guide for Seniors - IRS.gov


Volunteer Income Tax Assistance and Tax Counseling for the Elderly. ... The AMT exemption amount has increased to $53,600 ($83,400 if married filing ... to exclude up to $500,000 of any gain from the sale or exchange of your main home .

Tax Planning for Senior Citizens (A.Y. 2016-17 and A.Y. 2015-16)


The age limit for very senior citizens is 80 years or more for A.Y. 2016-17 ... receive a deduction of Rs. 30, 000 (only for senior citizens) (A.Y.2016-17)/ Rs. 20,000 .... The short term capital gains will be tax free if the basic threshold limit of 15% is ...

Capital Gains Tax On Real Estate | Bankrate.com


Learn more about the IRS rules for capital gains taxes on real estate. ... a tax obligation unless their gain is huge," says Robert Trinz, senior analyst ... The rollover or once-in-a-lifetime options were replaced with the current per-sale exclusion ...

Over-55 Home Sale Exemption Definition | Investopedia


An obsolete tax law that provided homeowners over the age of 55 with a one- time capital gains exclusion. Individuals who met the necessary requirements ...

State Income Taxes and Older Adults


A few states exempt interest, dividends, or capital gains income received by seniors. ... But many state income tax exemptions for elderly taxpayers apply only to ...

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At What Age Can a Person Sell a House & Be Tax Exempt? | Home ...


Though Congress eliminated the age 55-and-over capital gains exemption on home ... Should I Stay and Fix Up an Older House or Sell and Buy a New House?

Top Seven Senior Tax Breaks - FindLaw


We've compiled a list of the best tax breaks and benefits for seniors over the age of ... your tax deductions (meaning you do not take the standard deduction), you ... senior status or are retired is in the form of interest, dividends or capital gains ...

Avoid Income Tax when you Sell your Home | Marshall, Parker ...


Sep 2, 2013 ... Most seniors will not have to pay income tax when they sell their homes. ... trust” qualifies for the capital gains exclusion when sold by the trust.