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.
Though Congress eliminated the age 55-and-over capital gains exemption on
home sales, ... Do Senior Citizens Have to File a Return on the Sale of a House?
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.
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
We've compiled a list of the best tax breaks and benefits for seniors over the age
... not take the standard deduction), you may be able to deduct your out-of-pocket
... senior status or are retired is in the form of interest, dividends or capital gains ...
Sep 2, 2013 ... Most seniors will not have to pay income tax when they sell their homes. ... tax
law changes made in 1997, homeowners can avoid capital gains taxes .... but
Medical Deduction Threshold for Seniors Increases January 3, 2017 ...
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.) ... 50
% of your adjusted gross income are deductible each year as an itemized
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 ...
... 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