Over Age 55 Home Sale Exemption

Definition of "Over age 55 home sale exemption"

Della Newton real estate agent
Della Newton, Real Estate Agent All City Real Estate

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.


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