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
Mar 17, 2016 ... The age limit for very senior citizens is 80 years or more for A.Y. 2016-17 &
2015.16. ... a deduction of Rs. 30, 000 (only for senior citizens) (A.Y.2016-17)/ ....
The short term capital gains will be tax free if the basic threshold limit ...
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 ...
Are there any Capital Gains reductions for a senior citizen (widowed) ? ... on
another profitable sale for the lifetime exemption of the $250K.
... 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.
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