Is it true that you have a onetime exemption on capitol gains tax after the age of 55?

Answer 1

Not on all capital gains. There used to be an exemption related to someone selling their house if they were over 55, but that is no longer the case. Now the exemption is available to most people if you meet the criteria, such as own your house for two years and other items.

Answer 2

Taxpayer Relief act of 1997
THE NEW LAW

The new law allows single homeowners to avoid capital gains tax on up to $250,000 of gain from the sale of a principal residence. Married taxpayers can save up to $500,000. In addition, the law still applies to those taxpayers over 55 who have already claimed the one time exemption. The law defines principal residence as a home you have used as your primary residence for two of the past five years. As such, in most instances, taxpayers will avoid capital gains altogether on the sale of their principal residences. The only other catch is that this exclusion can only be used once every two years. (This rule is an effort to discourage "real estate speculation" and to provide the exclusion for principal residences only).

Answer 3

It used to be an age-specific law. It's been replaced, and you can have a one-time exemption of on sale of property for up to $250,000, if you've lived there for two of the last five years.

Answer 4

Check these out

http://www.answerbag.com/c_view.php/2360
http://www.answerbag.com/c_view.php/2002
http://www.ric.edu/foundation/ways.html

Good Luck