2006-09-10 21:07:02 · 3 answers · asked by capcamera 1 in Business & Finance ➔ Taxes ➔ United States
For federal tax on selling property, the age restriction has been removed. If your gain in under $250,000 and you meet some other restrictions, it's exempt - if over $250K, you only pay on the amount over.
Many states have a property tax rebate program for senior citizens. I'm only familiar with Pennsylvania - here it's a sliding percentage of the real estate taxes based on income, and is phased out at $15,000 income (only counts half of social security as income for this purpose, though).
Each state that has a program has different rules. Check with your state rep's office or local library - they should have the info for your state.
2006-09-11 05:12:12 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
13 .artical or something 13 .cant remember .my crs is acting up . cant remember sh..,sorry
2006-09-10 21:15:09 · answer #2 · answered by martinmm 7 · 0⤊ 0⤋
for wi
2015-03-20 04:45:34 · answer #3 · answered by Marge 1 · 0⤊ 0⤋