Over Age 55 Home Sale Exemption

Definition of "Over age 55 home sale exemption"

Colleen   MacCallum real estate agent

Written by

Colleen MacCallumelite badge icon

EXIT Right 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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

The definition of option explains the term as something that can be chosen in spite of having multiple other alternatives. It could be an option for food, which shows a preference for one ...

List of architectural design items needing to be corrected and resolved prior to finalizing a building design. ...

Measure of the annualized compound growth of a real estate investment. ...

A hard white finishing cement with a fast setting time and a high polish capability. Consisting of anhydrous gypsum plaster and an accelerant, alum, Keene's cement is normally applied over ...

Peculiarities necessary to form a valid joint tenancy. They are unity of time, title, interest, and possession. ...

Same as term soil porosity: Extent to which soil has cavities or pores, thereby allowing water to pass through. ...

Surveyor's use of hypothetical lines to portray a properties position. North to South in the meridian line while East to West is the base line. ...

A Construction method of using twice the number of framing members to provide additional structural strength. ...

Same as term marginal land: Land that has poor income potential, usually used in an agricultural sense meaning that the land is untellable, has poor access, is extremely steep, has suffered ...

Popular Real Estate Questions