2007-03-06 03:05:35 · 4 answers · asked by SARAH C 1 in Business & Finance ➔ Taxes ➔ United States
The age restriction was removed a few years ago. Under the current rules, if you owned the home for at least 2 of the 5 years immediately prior to the sale, and lived in it as your primary residence for at least 2 of those same 5 years, you can exclude up to $250,000 of gain ($500,000 for married filing jointly) from being taxable, as long as you haven't taken the exclusion on a previous sale within the previous 2 years.
There aren't any age restrictions on this, and there is no requirement any more to reinvest the gain in another home.
2007-03-06 03:25:58 · answer #1 · answered by Judy 7 · 4⤊ 0⤋
Age doesn't matter anymore. Anyone can get a $250000 ($500000 if married) if they have lived in the house 24 of the last 60 months. See the article below.
-MM
2007-03-06 03:18:39 · answer #2 · answered by Anonymous · 2⤊ 0⤋
Judy and Wonder have the correct answer!
good luck & bless
2007-03-06 05:17:33 · answer #3 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 0⤋
no, sorry.
2007-03-06 03:13:16 · answer #4 · answered by luminous 7 · 0⤊ 6⤋