2007-08-22 10:49:27 · 2 answers · asked by CharMcd 1 in Business & Finance ➔ Taxes ➔ United States
I assume you are referring to the old one time $125,000 capital gains exclusion from the sale of a primary residence for persons 55 and older. The exclusion has been repealed and replaced with section 121 of the tax code. Section 121 allow for an exclusion regardless of age when you live and own a primary residence for 2 of the past 5 years. The exclusion amount if $250,000 for a single person and $500,000 for a married couple filing jointly. The exclusion is available every two years.
Some people qualify for a pro rated share of the exclusion based upon the reason they move such as a job related transfer, health related reason, or other unforseen circumstance.
2007-08-22 11:02:09 · answer #1 · answered by William H 5 · 2⤊ 0⤋
If you are talking about the one time home sale exclusion after age 55, NO, that went away in 1997.
2007-08-22 10:56:45 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋