Over Age Home Sale Exemption

Definition of "Over age 55 home sale exemption"

Yama Abbasi
  Keller Williams Realty

The Internal Revenue Code (IRC Sections 1034 and 121) providing that a person over age 55 can sell a principal residence at a gain and exclude once in a life time up to $125,000 of the gain for taxes. It is allowed irrespective of the purchase of another home. The person must have used the property as a principal residence for 3 of the last 5 years.

Search Real Estate Glossary

Related Real Estate Glossary terms

Related Real Estate FAQ