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.
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
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.
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 ...
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 ...
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 ...
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
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?
Are there any Capital Gains reductions for a senior citizen (widowed) ? ... on
another profitable sale for the lifetime exemption of the $250K.
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 ...