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Do you have to pay taxes on the sale of your home if you are over 55 years of age?
Wiki User
∙ 14y ago
There are no special rules for home sales for people over 55.
There used to be various special rules for seniors who sold their houses and for ordinary people who sold their houses and bought new houses. They were all repealed in 1997 and replaced with a single exemption for everyone of any age:
If the house you sold was your main home for two of the five previous years and you owned the house for two of the previous five years, the first $250,000 of profits (capital gains) is exempt from tax. If you file jointly and the house was also the main home of your spouse for two of the previous five years, the exemption increases from $250,000 to $500,000. A reduced exemption may be available if you lived in and owned the house for a shorter period of time but were forced to move due to circumstance beyond your control. There is a two year waiting period after you claim the exemption before you can claim it again.
You do not have to be any special age and you do not have to buy a new house. You can do anything you want with the proceeds of the sale.
Wiki User
∙ 14y ago
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If you have owned a classic car for over 10 years and get a profit on the sale with appreciation do you pay tax on the sale?
The purchaser pays the taxes.
Do you have to pay taxes on your home sale?
yes
Do you have to pay taxes on a home equity line of credit when the house is sold tax-free because it was owner-occupied for more than two years?
If you mean do you have to pay taxes on the proceeds from the sale of a house which had a HELOC on it, the HELOC would be have to be paid off upon sale of the subject property. You wouldn't have to pay taxes on it since it is an expense, not income.
Lein home husband taxes?
If you have a lien it will have to be satisfied at time of sale to clear title.
vacant home at 920 chickasaw nashville,tn 37207 is it city property do to back taxes?
Is this property for sale do to none payment for back taxes, and how much?
What do you do when seven years after your father dies without a will and no property taxes had been paid since the year of his death the city takes and sells the property and makes profit?
The amount over the taxes and the expense of the sale should be returned to the estate for distribution to the heirs. lwpat
What kind of taxes does one have to pay when you sell your home?
You will find a lot of information about taxes regarding the sale of your home on the IRS website. They will be able to guide you in what forms you need to fill out before you sell your home to make sure that you do not get in any trouble with the them.
You sold your car and signed the title over but the buyer never registered it 5 years later the car was abandoned and you were contacted to pay the towing and storage fees are you liable?
Not if you have a copy of the bill of sale. Not if you claimed the sale as income on your annual taxes and have documentation so proving.
How to defer taxes on a home sale?
In the current real estate market most people do not have to worry about paying capital gains taxes on the sale of their principal residence. A single person is able to have a gain of $250,000 before it would be taxed. Also, a married couple would have an exemption of $500,000 before tax would be paid. You only have to document that you lived in the home for 2 out of the last 5 years. Any improvements you made to the home are added to the price you paid for the home before figuring out your loss or gain. That is why it is good to keep receipts!
When you sell a home do you pay taxes on that money?
There is a tax on the amount of profit you make on the sale of a home - sale price less the original purchase price. However there are some exemption rules if the home is your primary residence. Definitely consult with a tax professional to make sure you are taking advantage of all of the exemptions. It is a fairly broad rule, with fairly easy to meet qualifications (lived in for the last several years, etc) that make the sale exempt.
Once your home goes to foreclosure is the home owner responsible for any taxes?
Answerregardless the house goes into foreclosure, you are still responsible for any unpaid taxes and you are also responsible for any liens.Once the foreclosure sale has taken place you are no longer responsible for the taxes. In most if not all jurisdictions the property taxes run with the land.
What are the taxes on production transportation sale or consumption of goods?
Excise Taxes.
