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Do Senior Citizens Have to File a Return on the Sale of a House ...


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.

Capital Gains Tax Relief | US Tax Center - IRS.com


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.

Limit Taxes on Capital Gains in Retirement - Kiplinger


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 | Nolo.com


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 .

Capital Gains Tax On Real Estate | Bankrate.com


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 ...

No Capital Gains Taxes Due For Some Investors | Bankrate.com


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 Scharin.

Avoid Income Tax when you Sell your Home | Marshall, Parker ...


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 ...

Tax Help for Senior Citizens - TaxHelp.org


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.

AARP Foundation Tax-Aide - Frequently Asked Questions - Sale of ...


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?

Over-55 Home Sale Exemption Definition | Investopedia


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 ...

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At What Age Can a Person Sell a House & Be Tax Exempt? | Home ...


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?

Top Seven Senior Tax Breaks - FindLaw


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 ...

Publication 554 (2015), Tax Guide for Seniors - IRS.gov


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 .