I am 58.
2007-03-08 11:18:17 · 3 answers · asked by star d 1 in Business & Finance ➔ Taxes ➔ United States
If you've lived in the house as your main residence for two of the five years immediately prior to the sale, and owned the house for at least two of those same five years, then you can exclude a gain up to $250,000 ($500,000 if married filing a joint return) from being taxed, as long as you haven't taken the exclusion on another sale within the two years immediately before the sale. It doesn't matter how old you are, or whether you reinvest the money in a replacement house.
2007-03-08 13:01:57 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Yes, if your gains exceeds the excludable limit. IRC Sec 121. In 2008, 0% Cap Gains on 10-15% tax bracket. Oh yeah!!
2007-03-08 12:15:27 · answer #2 · answered by Michael 1 · 0⤊ 0⤋
You are allowed to skip paying tax on up to $250,000 of profit on selling your house ($500,000 if married filing jointly) provided it was your primary residence for two of the last five years, and you have not used that exclusion in the last two years.
2007-03-08 11:30:21 · answer #3 · answered by Brian G 6 · 1⤊ 0⤋