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.
Taxable income is what's left after you subtract personal exemptions (worth
$3,900 ... If you don't itemize, note that seniors 65 or older qualify for a larger
standard deduction than ... Capital gains could increase taxes on Social Security
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
Sep 2, 2013 ... Most seniors will not have to pay income tax when they sell their homes. ...
changes made in 1997, homeowners can avoid capital gains taxes ...
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 ...
... homeowners over the age of 55 with a one-time capital gains exclusion. ... The
over-55 home sale exemption is an obsolete tax law that provided ... Here is a
step by step guide to paying taxes if you are a U.S. citizen living overseas. Taxes
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
Senior Citizens age 65 and older may subtract dividends, interest and capital
gain to the ... Maximum dividend, interest and capital gain deduction, $11,104.