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.
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 .... (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
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
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 ...
Jan 13, 2014 ... Seniors and retirees file taxes on April 15 like any other citizen, ... You cannot file
a standard deduction if you had a short tax year or a .... or bonds, selling
investment real estate, or capital gains distribution from mutual funds.
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?
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 ...