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If elderly person is selling their house and will use money to pay for nursing home care is there exemption from capital gains tax?
Wiki User
∙ 14y ago
Main home (primary residence) 2 out of 5 year rule on the date of the sale of the primary residence.
Whatever use the money is used for from the sale of the house will not have any affect on the taxable amount being taxable income to you on your 1040 income tax return.
If the 2 out of 5 year rules are met the single elderly person would be able to exclude up 250000 of the long term capital gain from the capital gain tax.
Go to the IRS gov web use the search box for Publication 523 (2009), Selling Your Home
Click on the below Related Link
Wiki User
∙ 14y ago
In the United States, if an elderly person sells their primary residence and meets certain criteria (such as being 65 or older, having lived in the home for at least 2 out of the past 5 years, and meeting a certain income threshold), they may be eligible for a capital gains tax exclusion of up to $250,000 (or $500,000 for married couples filing jointly) on the sale of their home. This exclusion can be used to help pay for nursing home care. It's important to consult with a tax professional for personalized advice.
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