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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.

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 .

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.

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 ...

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 ...

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 ...

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.

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?

Capital Gains Tax.....reducing (2013, sale, attorney, value ...


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

Tax Planning for Senior Citizens (A.Y. 2016-17 and A.Y. 2015-16)


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 ...

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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?

Limit Taxes on Capital Gains in Retirement-Kiplinger


Check to see if you qualify for the 0% capital-gains tax rate. ... that seniors 65 or older qualify for a larger standard deduction than younger taxpayers ($14,600 for  ...

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 .